Written by Gary
Closing Market Commentary For 07-15-2014
The session low occurred just about the midday commentary publishing and proceeded to melt upwards where the DOW was flat, but in the green while all of the averages were -0.20% or lower. Volume levels remain in the low zone for most of the afternoon with occasional bursts of green from the BTFDers.
By 4 pm the markets closed without any fanfare, just closed!
Stocks were down for various reasons today, but one most talked about is Yellen’s speech this morning.
Major stock indexes fell in midday trading Tuesday, giving back modest gains from earlier in the day. Investors weighed a mix of corporate earnings, government data and the latest comments from Federal Reserve on the economy.
A string of solid job gains has raised the possibility that the Fed could raise its key short-term interest rate sooner than previously anticipated. KEEPING SCORE: The Standard & Poor’s 500 index fell nine points, or 0.5 percent, to 1,967 as of 12:05 p.m. Eastern Time.
The Dow Jones industrial average slipped 33 points, or 0.2 percent, to 17,021. The Nasdaq composite slid 44 points, or 1 percent, to 4,395. YELLEN SPEAKS: Yellen told Congress that the Fed intends to keep providing significant support to the U.S. economy to boost growth and improve labor market conditions, noting that the economic recovery is not yet complete.
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 down, but remains above zero at 11.73. I would advise caution in taking any position during this uncertain period.
Barchart.com shows a 88 % buy. (Been at 88% for the last 5 sessions, I think their meter is broken) Investing.com members’ sentiments are 60 % bearish and Investors Intelligence sets the breath at 67.7 % bullish with the status at Bear Correction. (Chart Here )
The markets are still susceptible to climbing on ‘Bernankellen’ vapor, use caution!
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The DOW at 4:00 is at 17061 up 5 or0.03%.
The SP500 is at 1973 down 4 or -0.19%.
SPY is at 197.24 down 0.37 or -0.19%.
The $RUT is at 1154 down 12 or -1.01%.
NASDAQ is at 4416 down 24 or -0.54%.
NASDAQ 100 is at 3914 down 15 or -0.38%.
$VIX ‘Fear Index’ is at 11.96 up 0.14 or 1.18%. 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 sideways and quiet.
WTI oil is trading between 101.03 (resistance) and 99.01 (support) today. The session bias is positive and is currently trading up at 100.00.
Tuesday, July 15, 2014 Crude Oil futures have fallen to 3 month lows, as tensions in Iraq and Libya have eased a bit. In Iraq, rebels have control of significant portions of the northwestern part of the country, but the…
Brent Crude is trading between 107.68 (resistance) and 105.59 (support) today. The session bias is positive and is currently trading up at 106.75.
Gold rose from 1306.66 earlier to 1293.18 and is currently trading up at 1294.30. The current intra-session trend is negative.
Dr. Copper is at 3.250 rising from 3.223 earlier.
The US dollar is trading between 80.47 and 80.18 and is currently trading down at 80.44, the bias is currently sideways and quiet.
Real Time Market Numbers
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Written by Gary