June 27th, 2013
in Gary's blogging
Midday Market Commentary For 06-27-2013
As the noon-time activity grinds to a low ebb, the volume drops again to anemic levels with the HFT algo computers melting the numbers higher. Not much going on and should be a great day to get in a round of golf.
If you didn't jump in on Monday as I suggested (I didn't) now is probably too late and need to sit out this rally.
Here is a definitive stance of where I stand as we approach the SP500 gap at 1629. The buy indicators stand at 70% and the sell indicators stand at 30%. Be careful and observant as reversals can happen at any moment.
Credit crunch spreads to China's "Main Street." Despite efforts by the People's Bank of China to ease the credit crunch in the country's financial markets, the WSJ finds anecdotal evidence that the liquidity squeeze has spread to the wider economy.
As a result, companies have increasingly used bankers' acceptances, which are short-term bank-issued guarantees, to pay their bills instead of cash. The acceptances are "relatively easy to get as they don't show up on banks' balance sheet," says a purchasing manager.
The DOW at 12:00 is at 15041 up 130 or 0.88%.
The SP500 is at 1617 up 13 or 0.85%.
SPY is at 161.48 up 1.35 or 0.84%.
The $RUT is at 976.30 up 12 or 1.29%.
NASDAQ is at 3406 up 30 or 0.89%.
NASDAQ 100 is at 2915 up 21 or 0.74%.
The longer trend is up, the past months trend is bullish, the past 3 sessions have been positive and the current bias is bullish.
WTI oil is trading between 95.35 and 97.39 today. The session bias is bullish and is currently trading down at 97.32.
Brent crude is trading between 101.62 and 103.33 today. The session bias is bullish and is currently trading down at 103.11.
Gold fell from 1243.78 earlier to 1223.47 and is currently trading up at 1230.35.
Dr. Copper is at 3.058 falling from 3.077 earlier.
The US dollar is trading between 83.01 and 83.43 and is currently trading down at 83.31, the bias is currently negative.
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Written by Gary