Markets Melt Up To New Historical Highs On low Volume

July 15th, 2013
in Gary's blogging, midday post

Midday Market Commentary For 07-15-2013

Markets have continued to melt from the morning lows and again the major averages have set new historical highs with the exception of the DOW.

By noon the volume was still falling with spurts of selling but mostly bullish action caused by the HFT algo computers. I would caution anyone to jump to any conclusions due to today's actions.

Follow up:

Indicators are mostly mixed but one side shows a 60% buy and a 25% sell, yet I do not trust Mr. Market.

The DOW at 12:00 is at 15475 up 11 or 0.08%.

The SP500 is at 1682 up 2 or 0.13%.

SPY is at 168.16 up 0.64 or 0.39%.

The $RUT is at 1042 up 6 or 0.56%.

NASDAQ is at 3605 up 5 or 0.15%.

NASDAQ 100 is at 3079 down 0.35 or -0.01%.

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

How Oil Really Gets Priced

WTI oil is trading between 106.17 and 104.30 today. The session bias is bullish and is currently trading up at 105.61. (Gap at 106.17)

More Widening For The Brent/WTI Spread ahead?

Brent crude is trading between 109.10 and 107.12 today. The session bias is bullish to neutral and is currently trading up at 108.02. (Gap at 109.06)

Gold fell from 1293.69 earlier to 1273.32 and is currently trading down at 1283.25.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.136 fell from 3.168 earlier.

The US dollar is trading between 83.62 and 83.03 and is currently trading down at 83.31, the bias is currently bearish.

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

gary@econintersect.com

Written by Gary















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