Written by Gary
Closing Market Commentary For 07-08-2014
Volume remained elevated until 2:45 when it dropped to anemic levels and the averages started to trend down after recovering some morning losses fractionally.
By 4 pm investors are looking for a positive day tomorrow repeating what the markets have done in the past, reversing negative 2 sessions. DOW closing off triple digits doesn’t bode well for a recovery tomorrow as we have to consolidate for the over sold condition now.
Today might be the day where you should have jumped in with some of that available cash hidden under the mattress. If the previous market mantra holds true, the averages will surge six-plus percent over the next several sessions. But, then again maybe it won’t this time! Don’tcha love this casino market?
NEW YORK (AP) – U.S. stocks are closing lower for a second day in a row as investors position themselves for corporate earnings reports.
Technology and small-company stocks fell more than the rest of the market.
Utilities were the only sector to rise as investors sought out low-risk stocks that pay high dividends.
AbbVie fell 3 percent after the company raised its offer to buy a rival drugmaker, Shire.
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 14.84. I would advise caution in taking any position during this volatile period.
Barchart.com shows a 88 % buy. (Their meter is broken I think) Investing.com members’ sentiments are 62 % bearish and Investors Intelligence sets the breath at 69.5 % bullish with the status at Bear Correction. (Chart Here)
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The DOW at 4:00 is at 16907 down 118 or -0.69%.
The SP500 is at 1964 down 14 or -0.70%.
SPY is at 196.43 down 1.27 or -0.64%.
The $RUT is at 1172 down 15 or -1.23%.
NASDAQ is at 4391 down 60 or -1.35%.
NASDAQ 100 is at 3864 down 47 or -1.19%.
$VIX ‘Fear Index’ is at 12.04 up 0.71 or 6.27%. Neutral 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 negative.
WTI oil is trading between 104.12 (resistance) and 103.25 (support) today. The session bias is positive and is currently trading up at 103.53.
Brent Crude is trading between 110.06 (resistance) and 108.70 (support) today. The session bias is down and sideways and is currently trading down at 108.95.
Maybe I’m Wrong – Justifying $2,000+ Gold by Jeffrey Dow Jones
Gold fell from 1325.71 earlier to 1314.36 and is currently trading up at 1320.70. The current intra-session trend is positive.
Dr. Copper is at 3.260 falling from 3.293 earlier.
The US dollar is trading between 80.34 and 80.19 and is currently trading down at 80.23, the bias is currently sideways and quiet. 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