Weakness Abounds, Indicators May Signal Short Term Buy

June 24th, 2013
in Gary's blogging

Midday Market Commentary For 06-24-2013

The morning decent has been slowed somewhat as volume has also fallen. Overall, volume at this hour is heavier than Friday but steady at the 'moderate' levels, mostly red of course.

By 12:30 the bulls and bears were still undecided in which direction Mr. Market was going next. Mostly negative, but decisively in an non-directional way and could mean a buying opportunity.

Follow up:

Personally, I am not going to place a bet today, but my inner trader tells me that placing a, maybe 5%, long position might do well over the next week or so. But that is guessing and you know how I hate to guess in this casino market.

The DOW at 12:30 is at 14601 down 199 or -1.32%.

The SP500 is at 1565 down 26 or -1.66%.

SPY is at 156.36 down 2.70 or -1.69%.

The $RUT is at 944.97 down 18 or -1.90%.

NASDAQ is at 3307 down 50 or -1.50%.

NASDAQ 100 is at 2837 down 40 or -1.41%.

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

How Oil Really Gets Priced

WTI oil is trading between 92.73 and 94.06 today. The session bias is bullish and is currently trading up at 93.97.

More Widening For The Brent/WTI Spread ahead?

Brent crude is trading between 99.82 and 101.09 today. The session bias is bullish and is currently trading up at 100.36.

Gold fell from 1300.61 earlier to 1276.43 and is currently trading down at 1276.95.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.032 down from 3.101 earlier.

The US dollar is trading between 82.40 and 83.04 and is currently trading down at 82.82, the bias is currently neutral with a serious gap at 82.61.

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

gary@econintersect.com

Written by Gary















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