May 20th, 2013
in Gary's blogging
Midday Market Commentary For 05-20-2013
The 'Energizer Bunny Market' keeps on going. The averages just have continued to melt up all morning setting new highs along the way. Only recently (12:06) has the push upward been sedated into a sideways market.
I continue to see more upside, particularly after the DOW and $SPX have broken up and out of the previous historical highs. The small caps need to approach their old highs before I will call a top. The only other thing that will derail this bull run is a significant Black Swan.
By 1:00 pm the markets took a breather with a bearish slant to it on low volume. The small caps are leading the way down and that is about where it stands.
I wouldn't expect much today, but watch out for tomorrow.
The DOW at 1:00 is at 16365 up 11 or 0.06%.
The SP500 is at 1669 up 2 or 0.11%.
SPY is at 167.21 up 0.27 or 0.16%.
The $RUT is at 999.60 up 3.32 or 0.33%.
NASDAQ is at 3499 down 0.12 or -0.01%.
NASDAQ 100 is at 3022 down 6 or -0.22%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is negative.
WTI oil is trading between 95.52 and 97.35 today. The session bias is bullish and is currently trading up at 97.17.
Brent crude is trading between 103.85 and 105.30 today. The session bias is bullish and is currently trading up at 105.06.
Gold rose from 1340.06 earlier to 1395.29 and is currently trading up at 1385.35.
Dr. Copper is at 3.360 rising from 3.282 earlier.
The US dollar is trading between 84.29 and 84.01 and is currently trading down at 84.02, the bias is currently bearish.
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Written by Gary