Markets Melt Off Morning Highs Waiting For Dr. Ben To Stumble

July 18th, 2013
in Gary's blogging, midday post

Midday Market Commentary For 07-18-2013

By noon the markets backed off the historical highs and investors are wondering what the candle wick is going to look like compared to the May 22, 2013 highs. There are sign that this is the first step to higher highs as well as this is high as it is going to get.

Place your bets gentlemen as it is going to get interesting as the session progresses and Dr. Ben does his best to explain why his way is good and why we should all love free ice cream.

Follow up:

And no, I am not believing it either.

@zerohedge:_______

Not Everyone Is Buying It...

It would appear that as we passed new all-time highs this morning in the exuberant pre-Bernanke spurt, more than a handful on wonkish non-believers were piling into protecting their equity portfolios...

 

The DOW at 12:00 is at 15570 up 100 or 0.65%.

The SP500 is at 1690 up 10 or 57%.

SPY is at 169.01 up 1 or 0.63%.

The $RUT is at 1051 up 8 or 0.81%.

NASDAQ is at 3617 up 7 or 0.20%.

NASDAQ 100 is at 3082 up 3 or 0.08%.

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

How Oil Really Gets Priced

WTI oil is trading between 105.93 and 107.81 today. The session bias is bullish and is currently trading down at 107.58.

More Widening For The Brent/WTI Spread ahead?

Brent crude is trading between 108.04 and 108.77 today. The session bias is bullish and is currently trading down at 108.61.

Gold rose from 1273.95 earlier to 1287.56 and is currently trading down at 1283.95.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.129 fell from 3.137 earlier.

The US dollar is trading between 82.75 and 83.13 and is currently trading up at 83.12, 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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