Closing Market Commentary For 07-14-2014
Markets closed after a relatively quiet day with volume mostly in the anemic range and the $VIX staying in the high 11’s for most of the afternoon.
By 4 pm the averages ended higher, but at a level that was about where it had opened. Investors are not sure what to do; buy, sell or just hold out for a while longer remains the question.
The medium term indicators are leaning towards the hold side at the close. The all important signs of reversal, up or down, have not been observed so we are mostly, at best, neutral and conservatively holding. The important DMA’s, volume and a host of other studies have not turned and that is not enough for me to start shorting. The SP500MACD has turned down, but remains above zero at 12.17. I would advise caution in taking any position during this volatile period.
Barchart.com shows a 88 % buy. (Been at 88% for the last 5 sessions, I think their meter is broken) Investing.com members’ sentiments are 61 % bearish and Investors Intelligence sets the breath at 67.7 % bullish with the status at Bear Correction. (Chart Here *)
StockChart.com NYSE Bullish Percent Index ($BPNYA) is at 72.67. (Chart Here )
StockChart.com S&P 500 Bullish Percent Index ($BPSPX) is at 84.20. (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 17055 up 112 or 0.66%.
The SP500 is at 1977 up 10 or 0.48%.
SPY is at 197.54 up 1 or 0.52%.
The $RUT is at 1166 up 6 or 0.49%.
NASDAQ is at 4440 up 25 or 0.56%.
