Written by Gary
Closing Market Commentary For 06-05-2014
The large caps keep slithering upwards posting newer highs during today’s session. This afternoon the SP500 posted a new high at 1941.74 and the DOW at 16845.81 on sometimes moderate volume.
By 4 the bulls were once again in party mode and the bears were circling the camp fire which is still burning brightly, but for how much longer?
Not everyone is a bull partying like there is no tomorrow, some are far more somber in looking at the bigger picture.
Despite the seemingly unending investor optimism more than five years into the current bull market, some worrisome issues are continuing to build under the surface.
While the timing still remains uncertain, the next bear market has the potential to be even worse than the two previous downturns once it finally arrives.
In the end, the next bear market may both last longer and result in a greater overall peak to trough decline for several reasons.
The short term indicators are leaning towards the hold side at the close, but the session trend appears to be down. The all important signs of reversal, up or down, have not been observed so we are mostly, at best, neutral and conservatively holding. The important DMA’s, volume and a host of other studies have not turned and that is not enough for me to start shorting. The SP500 MACD has turned up, but remains above zero at 15.32. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 56 % buy. Investing.com members’ sentiments are 67 % bearish.
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The DOW at 4:00 is at 16836 up 100 or 0.59%.
The SP500 is at 1940 up 12.57 or 0.65%.
SPY is at 194.46 up 1.26 or 0.65%.
The $RUT is at 1154 up 23 or 2.01%.
NASDAQ is at 4296 up 45 or 1.05%.
NASDAQ 100 is at 3777 up 33 or 0.89%.
$VIX ‘Fear Index’ is at 11.68 down 0.40 or -3.31%. Neutral Movement
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The longer trend is up, the past months trend is positive, the past 5 sessions have been positive and the current bias is sideways.
WTI oil is trading between 102.80 (resistance) and 101.60 (support) today. The session bias is sideways with a positive slant and is currently trading down at 102.56.
Brent Crude is trading between 108.93 (resistance) and 107.78 (support) today. The session bias is positive, volatile and is currently trading up at 108.91.
Maybe I’m Wrong – Justifying $2,000+ Gold by Jeffrey Dow Jones
Gold rose from 1241.31 earlier to 1257.73 and is currently trading down at 1253.10. The current intra-session trend is sideways.
Dr. Copper is at 3.094 falling from 3.107 earlier.
The US dollar is trading between 81.05 and 80.34 and is currently trading down at 80.40, the bias is currently negative and volatile.
Real Time Market Numbers
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Written by Gary