April 19th, 2013
in Gary's blogging
Midday Market Commentary For 04-19-2013
Volume has fallen to a trickle as the HFT computers melt the averages upward.
By noon the indices had reached a pinnacle where it appears they are resting for what we do not know. The trading is moving sideways as volume becomes anemic. Most likely, barring any news, we will see this same action until the end of the session where some profit taking will be in play before the weekend.
What we read this morning.
11:37 AM Caterpillar (CAT +0.5%) reports global sales of its construction and mining equipment fell 11% in the three months through March, ahead of its Q1 report Monday. March sales in North America, CAT's largest geographic market, fell 11%; sales tumbled 24% in Asia. Sales turned negative during the December three-month period for the first time in 30 months and have remained lower ever since.
The DOW at 12:00 is at 14521 down 16 or -0.11%.
The SP500 is at 1553 up 11 or 0.74%.
SPY is at 155.26 up 1.10 or 0.71%.
The $RUT is at 912.12 up 11 or 1.18%.
NASDAQ is at 3207 up 41 or 1.28%.
NASDAQ 100 is at 2781 up 39 or 1.42%. (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 bearish and the current bias is bullish.
WTI oil is trading between 89.01 and 87.97 today. The session is bearish and is currently trading down at 88.21.
Brent crude is trading between100.33 and 99.21 today. The session appears to be bearish and is currently trading down at 99.44.
Gold fell from 14234.00 earlier to 1398.78 and is currently trading down at 1399.02.
Dr. Copper fell from 3.20 earlier to the current price of 3.154.
The US dollar is trading between 82.82 and 82.41 and is currently trading up at 82.78, the bias is currently bullish.
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Written by Gary