April 23rd, 2013
in Gary's blogging
Midday Market Commentary For 04-23-2013
Several comments made by financial analysts this week indicate this latest market action looks more like a market top than anything else. I agree, but a test of the previous highs is in order I think. Hard to imagine that we would stop here and not melt up.
By noon the volume had slackened and the averages had started to make a round top for the day. Several of the gaps made in previous sessions were covered as previously suggested they would be.
US financial's and middle of the road earnings didn't appear to slow the averages much this morning.
Sales of new, U.S. single-family homes ticked up 1.5% in March from February to a 417,000-unit annualized rate, falling short of the 420,000-unit rate analysts were expecting.
The Dow is zooming higher on the back of strong earnings from Travelers and DuPont. The blue-chip index is up 145 points, or 1.00%, with the broader S&P 500 posting comparable gains on a percent basis. Every major sector is in the green, while volatility is receding 15%.
United Technologies posted first-quarter profits of $1.28 a share, excluding one-time favorable items, coming in short of expectations of $1.29. The blue-chip industrial said its revenues were $14.4 billion, also short of forecasts of $14.94 billion.
What we read this morning.
The DOW at 12:15 is at 14709 up 143 or 0.98%.
The SP500 is at 1578 up 16 or 1.01%.
SPY is at 157.79 up 1.69 or 1.03%.
The $RUT is at 926.80 up 12 or 1.31%.
NASDAQ is at 3272 up 39 or 1.21%.
NASDAQ 100 is at 2842 up 32 or 1.16%. (A lot of analysts are currently watching the 100 for a heads and shoulder formation.)
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is up.
WTI oil is trading between 83.39 and 87.84 today. The session bias is bullish to neutral and is currently trading down at 89.03.
Brent crude is trading between 100.60 and 98.80 today. The session bias is bullish to neutral and is currently trading down at 100.00.
Gold fell from 1427.50 earlier to 1404.50 and is currently trading up at 1413.63.
Dr. Copper is at 3.100 rising from 3.059 earlier.
The US dollar is trading between 82.66 and 83.17 and is currently trading up at 83.09, the bias is currently bullish to neutral.
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Written by Gary