April 24th, 2013
in Gary's blogging
Midday Market Commentary For 04-24-2013
The indices moved mostly higher over the three previous sessions. Today the averages are turning in a lackluster performance in early trading on Wednesday and into the afternoon session. The major averages have been bouncing back and forth across the unchanged line all morning and are currently mixed and flat as volume trickles to new lows.
Yesterday's #Hash-Crash has brought the tough reality of just how entirely mechanized the so-called equity 'markets' have become in the US to every mom-and-pop who watch nightly news.
Mainstream media is even discussing the correlations between JPY carry trades and equity indices now as CNBC's Rick Santelli notes "the high-speed casinos our markets have become". All things we have discussed for years. But there is one potentially fascinating insight from the ongoing robotization of the TBTF banking sector - Wall Street jobs are now at an all-time record low.
Once again, it would appear, that cost-cutting demands (and a government backstop and huge subsidy no matter how bad the things are that you do) trumps any job creation. As Joe Saluzzi explains to CNBC's Rick Santelli in this excellent clip, the "liquidity is fickle" - the fake-tweet was a mere catalyst, he added, "we see these flash-crashes every day."
The benefits for the major exchanges far exceed the conflicts of interest of these so-called "market-makers" who front-run their clients millisecond by millisecond.
The DOW at 12:00 is at 14699 down 21 or -0.14%.
The SP500 is at 1580 up 1 or 0.06%.
SPY is at 157.96 up 0.18 or 0.11%.
The $RUT is at 930.75 up 1.39 or 0.15%.
NASDAQ is at 3265 down 4 or -0.12%.
NASDAQ 100 is at 2832 down 3 or -0.11%. (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 neutral.
WTI oil is trading between 88.31 and 90.96 today. The session bias is bullish and is currently trading up at 90.92.
Brent crude is trading between 99.35 and 101.71 today. The session bias is bullish and is currently trading up at 101.67.
Gold rose from 1408.34 earlier to 1432.71 and is currently trading sideways at 1423.85.
Dr. Copper is at 3.177 rising from 3.078 earlier.
The US dollar is trading between 82.96 and 83.32 and is currently trading sideways at 83.15, the bias is currently neutral.
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Written by Gary