April 12th, 2013
in Gary's blogging
Midday Market Commentary For 04-12-2013
A down day for sure, but don't count out the HFT computers in melting the averages higher later today. Then there the ever present BTFD “dippers' jumping in which has been proved to be a viable strategy over the past year, so I won't knock it, only to say that their luck at guessing might be running out.
By noon the volume was falling to very low levels, not quite anemic but may get there later today. The averages are in the red, but relatively flat with the small caps off the most the $RUT down 0.70%.
What we read this morning.
The DOW at 12:15 is at 14828 down 36 or -0.24%.
The SP500 is at 1584 down 9 or -0.30%.
SPY is at 158.79 down 0.41 or -0.57%.
The $RUT is at 940.49 down 6.57 or -0.70%.
NASDAQ is at 3282 down 18 or -0.54%.
NASDAQ 100 is at 2844 down 14 or -0.50%. (A lot of analysts are currently watching the 100.)
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is down.
WTI oil is trading between 93.50 and 91.20 today. The session bias is bearish and is currently trading sideways at 91.18.
Brent crude is trading between 106.25 and 102.01 today. The session bias is bearish and is currently trading sideways at 102.21.
Gold fell from 1591.18 earlier to 1493.05 and is currently trading down at 1507.36.
Dr. Copper is at 3.35 down from 3.43 earlier.
The US dollar is trading between 82.17 and 82.57 and is currently trading down at 82.32, the bias is currently negative.
The chickens WILL come home to roost eventually as this interesting read suggests.
The chart [shown in the article] may be the best one-chart summary of all that is wrong with the US financial system. It is a very simple chart - it shows total JPMorgan deposits, loans and the excess difference of deposits over loans.
And that is precisely the jist of all that is broken in the US financial system, and why the Fed is in fact making things worse, not better, and is progressively destroying the wealth of the middle class, stunting any growth opportunities the US may have, and all the residual wealth is pumped into the hands of those benefiting solely from rising asset prices.
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Written by Gary