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Averages Continue To Seek New High Ground With HFT help

May 14th, 2013
in Gary's blogging

Midday Market Commentary For 05-14-2013

By noon the DOW, SP500, SPR, $RUT and several others have made new historical highs on low to moderate volume. I would have thought if this was such a bull market we would start to see much heavier volume to commensurate the market's rise but that is not to be. As the markets continue to rise my proprietary indicators proceed to slide to the negative side after each sessions rise.

By 12:30 the markets continue to move upward on falling volume, suspect HFT computers are fudging the numbers a bit.

Follow up:

It might be wise to note that some time has passed since the last 5% correction, 177 days to be exact, and today's market represents new ground with the indices making new historical or inter-year highs. Last week I didn't know the markets had what it took to be here and now I see where the small caps need to top out before we see any meaningful correction.

I see where one might want to take more off the table in anticipation of an unexpected small market pull-back. BTFD has been a good investing approach this past year but I would grow more cautious each day the market advances. No one ever went broke taking a profit but I would watch how tight your stops are as you don't want to get sold out on a bear trap.

 

The DOW at 12:30 is at 15180 up 89 or 0.59%.

The SP500 is at 1648 up 14 or 0.89%.

SPY is at 165.07 up 1.53 or 0.94%.

The $RUT is at 984.30 up 10 or 1.08%.

NASDAQ is at 3465 up 26 or 0.77%.

NASDAQ 100 is at 3001 up 19 or 0.64%.

The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is bullish.

How Oil Really Gets Priced

WTI oil is trading between 95.96 and 94.50 today. The session bias is bearish to neutral and is currently trading down at 94.92.

More Widening For The Brent/WTI Spread ahead?

Brent crude is trading between 102.93 and 101.92 today. The session bias is bearish to neutral and is currently trading down at 102.53.

Gold fell from 1441.83 earlier to 1420.38 and is currently trading down at 1445.25.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.294 falling from 3.378 earlier.

The US dollar is trading between 83.05 and 83.57 and is currently trading up at 83.53, the bias is currently bullish.

** RRR = Risk Reward Ratio

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

gary@econintersect.com

Written by Gary









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