SP500 Testing Support At 1570

April 15th, 2013
in Gary's blogging

Midday Market Commentary For 04-15-2013

By noon the markets have decided that it is going to be a down day. The SP500 support at 1575 - 73 was broken but until it goes below 1570 I do not believe the bulls have anything to worry about. There is some moderate profit taking going on, but I am expecting the BTFD 'dippers' to step in and save the day.

The small caps are leading the way and that is not a good sign for the markets in general. The $RUT is off 2.50% and the $VIX is slowly melting up to the high 13's. My proprietary indicators are now in the high 3 digits (bearish) and could go to 4 digits before the day is over.

Follow up:


Homebuilder Confidence Plunges To 6 Month Low, Puts Housing "Recovery" Meme In Jeopardy

For the fourth month in a row, NAHB's sentiment index missed expectations. With 'real' data on the housing recovery beginning to fade, we now see confidence in the sustainability of the 'recovery' starting to fade.

Today's NAHB print is the lowest in six months and is the fastest 3-month drop since June 2011.

The DOW at 12:15 is at 14741 down 124 or -0.83%.

The SP500 is at 1572 down 16 or -1.03%.

SPY is at 157.22 down 1.57 or -0.99%.

The $RUT is at 919.85 down 23 or -2.44%.

NASDAQ is at 3255 down 40 or -1.22%.

NASDAQ 100 is at 2830 down 25 or -0.89%. (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 with a negative slant lately and the current bias is down.

How Oil Really Gets Priced

WTI oil is trading between 91.12 and 88.08 today. The session bias is bearish and is currently trading down at 88.59.

More Widening For The Brent/WTI Spread ahead?

Brent crude is trading between 101.29 and 99.98 today. The session bias is bearish and is currently trading down at 100.48.


All Eyes On The Gold Rout, Most Oversold In 14 Years

Gold fell from 1487.86 earlier to 1353.16 and is currently trading down at 1375.93.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.25 falling from 3.36 earlier.

The US dollar is trading between 82.49 and 82.14 and is currently trading down at 82.36, the bias is currently bearish.

** RRR = Risk Reward Ratio

To contact me with questions, comments or constructive criticism is always encouraged and appreciated:


Written by Gary

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