Markets Open Higher – Serious Fall By 10 AM

May 21st, 2013
in Gary's blogging

Opening Market Commentary For 05-21-2013

Premarkets were flat early on and at 9 am they jumped up +0.20% but not much of any indication to what Mr. Market had in mind for today. If today ends up, it will be the second longest winning streak since 1968 where the DOW rallied 24 straight Wednesdays.

By 10 am the markets had melted up to near to yesterday’s highs and turned down. The melting began in earnest with a steep drop for 15 minutes with relatively heavy profit taking.

Follow up:

No mater what happens today, it will not mark the end of this bull run as I still see some more top ahead.

The DOW at 10:30 is at 15337 up 1 or 0.03%.

The SP500 is at 1663 down 3 or -0.17%.

SPY is at 166.60 down 0.33 or -0.20%.

The $RUT is at 996.48 down 1.53 or -0.16%.

NASDAQ is at 3488 down 8 or -0.23%.

NASDAQ 100 is at 3013 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.

How Oil Really Gets Priced

WTI oil is trading between 97.22 and 96.25 today. The session bias is negative and is currently trading down at 96.67.

More Widening For The Brent/WTI Spread ahead?

Brent crude is trading between 105.14 and 103.96 today. The session bias is bearish and is currently trading down at 104.25.

Gold fell from 1399.60 earlier to 1358.06 and is currently trading up at 1363.25.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.369 up from 3.341 earlier.

The US dollar is trading between 83.86 and 84.29 and is currently trading up at 84.29, the bias is currently bullish.

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. You can also comment using Facebook directly using he comment block below.












 navigate econintersect.com

Blogs

Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day
Weather

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2017 Econintersect LLC - all rights reserved