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Correction Day, Don't Panic As Markets Move Downward

June 28th, 2013
in Gary's blogging

Opening Market Commentary For 06-28-2013

Premarkets were down, significantly down. Is this a correction within a correction?

By 10 am Mr. Market wiped out all of yesterday's gains and also closing several gaps from yesterday, one of many that still remain both below and above.

Follow up:

I have been cautioning of quick reversals and we had one this morning. The buy indicator is now at 65% down from 70% yesterday and the sell indicator is at 25% up from 20%. Be on your toes as this is a very difficult market to trade successfully.

@dailyfx:________

USD Chicago Purchasing Manager (JUN): ACTUAL: 51.6, EXPECTED: 55.0, PRIOR: 58.7.

USD U. of Michigan Confidence (JUN F): ACTUAL: 84.1, EXPECTED: 83, PRIOR: 82.7.

 

The DOW at 10:30 is at 14929 down 94 or -0.62%.

The SP500 is at 1607 down 6 or -0.39%.

SPY is at 160.52 down 0.58 or -0.37%.

The $RUT is at 978.01 down 2 or -0.19%.

NASDAQ is at 3396 down 5 or -0.16%.

NASDAQ 100 is at 2903 down 3 or -0.10%.

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

How Oil Really Gets Priced

WTI oil is trading between 96.55 and 97.82 today. The session bias is neutral and is currently trading up at 97.27.

More Widening For The Brent/WTI Spread ahead?

Brent crude is trading between 102.45 and 103.42 today. The session bias is neutral and is currently trading up at 103.08.

Gold rose from 1180.41 earlier to 1219.15 and is currently trading up at 1219.15.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.080 rising from 3.017 earlier.

The US dollar is trading between 82.98 and 84.36 and is currently trading down at 83.39, 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









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