March 26th, 2013
in Gary's blogging
Midday Market Commentary For 03-26-2013
Volume is very light as the HFT algo computers jerk the numbers around. Trading has been in tight narrow range since the opening bell this morning and remains directionless. The reporting financial numbers this morning were 'not so good' but the markets haven't done much in the way of rising or falling.
The caution red flag is still flying as we await Mr. Market to decide what he wants to do.
The RRR** has been narrow at the opening bell for the past several months, over a year actually, and has continued the trend again today. This continuing trend makes predictions of session movements nearly impossible making trading futile and unprofitable. As of right now, it is too late to jump in to catch the highs and still may be too early to start shorting.
I also have continuing issues with some pundits, writing almost every day, that there are setups for day trading. Best Stock Market Indicator Ever: Fell to 88% Down From 91% and Secondaries Confirm "Tradable" This might be true (and difficult to believe), but challenging to deal with. The trading range is so narrow that way too much money has to be put on the table just to get back meager gains.
Do not fall into the trap of money burning a hole in your pocket, sit tight better days are coming. I keep hoping for increasing volumes to signal improved trading.
The DOW at 12:15 is at 14533 up 86 or 0.60%.
The SP500 is at 1559 up 8 or 0.49%.
SPY is at 155.77 up 0.80 or 0.52%.
The $RUT is at 946.31 up 0.46 or 0.05%.
NASDAQ is at 3243 up 9 or 0.27%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been neutral to bullish and the current bias is sideways.
WTI oil is trading between 94.62 and 95.70 today. The session bias is neutral to bullish and is currently trading up at 95.60.
Brent crude is trading between 107.40 and 108.25 today. The session bias is neutral with a a bullish slant and is currently trading up at 108.06.
Gold fell from 1607.00 earlier to 1594.60 and is currently trading up at 1599.49.
Dr. Copper is at 3.47 up from 3.44 earlier.
The US dollar is trading between 83.09 and 82.91 and is currently trading sideways at 83.03, the bias is currently neutral.
** RRR = Risk Reward Ratio
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Written by Gary