>

Averages Continue To Post Gains On falling Volume

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.

Follow up:

US financial's and middle of the road earnings didn't appear to slow the averages much this morning.

@foxnews:______

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 U.S. Economy: How Did We Get Here? Where Are We Headed?

Is This An Early Warning Sign Of A Stock Market Collapse?

Stocks Entering Secular Downtrend

Stock Market Triple Fantasy

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.

How Oil Really Gets Priced

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.

More Widening For The Brent/WTI Spread ahead?

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.

Here’s why copper has lost its indicator role

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.

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

gary@econintersect.com

Written by Gary









Make a Comment

Econintersect wants your comments, data and opinion on the articles posted.  As the internet is a "war zone" of trolls, hackers and spammers - Econintersect must balance its defences against ease of commenting.  We have joined with Livefyre to manage our comment streams.

To comment, just click the "Sign In" button at the top-left corner of the comment box below. You can create a commenting account using your favorite social network such as Twitter, Facebook, Google+, LinkedIn or Open ID - or open a Livefyre account using your email address.















Proud contributor to:


Finance Blogs
blog

Econintersect Website Search:

Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2014 Econintersect LLC - all rights reserved