Market Commentary: DOW Closes Above 17,000 low volume prevails throughout session

Written by Gary

Closing Market Commentary For 07-03-2014

Short day for the US Markets, closing at 1 pm in observance of the Fourth Of July Holiday.

At 1 pm the DOW closed above the 17,000 mark for the first time and the SP500 also closed at a new high at 1985.59. The problem I see with this bullish behavior is that the volume levels are pathetic and not conducive to positive bullish thinking. A hillbilly might put it this way, ‘This ain’t right’.

The past two sessions haven’t passed the smell test in my opinion and investors need to be very cautious. If you are holding, continue to do so, but as far as supplementing your portfolio, I would wait.

Enjoy your Holiday, see you back here Monday morning. Don’t miss my weekend missive published Saturday morning.

The medium term indicators are leaning towards the hold side at the close. 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 flat, but remains above zero at 16.04. I would advise caution in taking any position during this volatile period.

Barchart.com shows a 88 % buy. Investing.com members’ sentiments are 61 % bearish and Investors Intelligence sets the breath at 64.9 % bullish with the status at Bear Correction. (Chart Here)

StockChart.com NYSE Bullish Percent Index ($BPNYA) is at 74.34.

StockChart.com S&P 500 Bullish Percent Index ($BPSPX) is at 83.80.

(Click on $BPNYA or $BPSPX to see chart based on yesterday’s closing)

The markets are still susceptible to climbing on ‘Bernankellen’ vapor, use caution!

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The DOW at 12:00 is at 17060.98 up 85 or 0.50%.

The SP500 is at 1983 up 9 or 0.45%.

SPY is at 198.15 up 0.92 or 0.47%.

The $RUT is at 1207 up 7 or 0.61%.

NASDAQ is at 4482 up 24 or 0.54%.

NASDAQ 100 is at 3918 up 19 or 0.48%.

$VIX ‘Fear Index’ is at 10.41 down 0.41 or -3.79%. Bullish Movement

(Follow Real Time Market Averages at end of this article)

The longer trend is up, the past months trend is positive, the past 5 sessions have been positive and the current bias is positive.

How Oil Really Gets Priced

WTI oil is trading between 104.14 (resistance) and 103.67 (support) today. The session bias is volatile and trending higher and is currently trading up at 104.08.

Brent futures continue to fall

Brent Crude is trading between 111.16 (resistance) and 110.55 (support) today. The session bias is volatile and trending higher and is currently trading up at 111.11.

Maybe I’m Wrong – Justifying $2,000+ Gold by Jeffrey Dow Jones

Gold fell from 1324.23 earlier to 1311.10 and is currently trading down at 1319.80. The current intra-session trend is neutral and sideways.

Analysts forecast a corrosive year for copper prices

Dr. Copper is at 3.274 rising from 3.246 earlier.

The US dollar is trading between 80.05 and 80.53 and is currently trading down at 80.25, the bias is currently quiet and sideways. Earlier the Dollar gaped up 0.11 cents to 80.21 and then climbed higher to 80.53. Following that excitement the dollar fell back 0.24 cents to settle in for some sideways trading. There is a gap that will be filled in sooner than later that requires the Dollar to retrace its numbers back down to 80.10.

Real Time Market Numbers

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Written by Gary