Friday, June 14, 2013

Stocks Finish Lower; Dow, S&P Down 4th Week of Last Five

Bears took back control on Friday, sending the major averages to their fourth session loss of the week. Thursday was the only up day for the markets.

In case anyone wants to figure out what's going on, good luck. Between Fed jawboning and interest rate speculation, VIX movements and the Fed's relentless bond-buying, it's a mixed bag, but the bears seem to have an edge during this period between economic data and second quarter earnings releases, which begin in just over three weeks time.

The Dow and S&P registered their fourth weekly loss in the last five. The strangest indicator came in the form of new highs vs. new lows, where the string of wins by the new 52-week lows was cut off at three, Friday's tape showing the new highs with an unusual advantage on such a largely lower day. Those are telling signals, but more will be revealed about direction upon the conclusion of the FOMC meeting, Tuesday and Wednesday of next week, culminating in Bernanke's press conference.

Bias still remains to the downside.

Outside the market, continuing scandals are rocking the capitol, and the US has committed "something" to the Syrian rebels, though details thus far have been sketchy.

As they say in the old school of hard knocks, "another week, another half a dollar."

Dow 15,070.18, -105.90 (0.70%)
NASDAQ 3,423.56, -21.81 (0.63%)
S&P 500 1,626.73, -9.63 (0.59%)
NYSE Composite 9,263.69, -67.69 (0.73%)
NASDAQ Volume 1,422,469,500
NYSE Volume 3,241,179,500
Combined NYSE & NASDAQ Advance - Decline: 2534-3951
Combined NYSE & NASDAQ New highs - New lows: 161-53
WTI crude oil: 97.85, +1.16
Gold: 1,388.10, +10.30
Silver: 21.96, +0.377

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