Closing Market Commentary For 07-10-2014
Market volume picked up some around 1:30 and remained in the low status for the session’s afternoon. The declines across the board were deep enough to wonder what Mr. Market has in store for tomorrow, but not deep enough to be really worried say some investors.
By 4 pm trader’s who bought in on yesterdays session lows are now wondering if they did the right thing. Is today going to be the wake-up call? But is it saying to buy or sell?
The market have been acting strangely lately in that stocks and bonds are moving in unison when they tend to move in opposite directions. Which one breaks the trend first may be the one that dictates where the indices will head.
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 13.13. I would advise caution in taking any position during this volatile period.
Barchart.com shows a 88 % buy. (Been at 88% for 4 sessions, methinks the meter is broken) Investing.com members’ sentiments are 57 % bearish and Investors Intelligence sets the breath at 69 % 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 16915 down 71 or -0.42%.
The SP500 is at 1965 down 8 or -0.41%.
