Midday Market Commentary For 07-23-2013
Markets have coasted sideways with a slight positive slant on low volume. Investors and traders alike have sat on their hands after a false start at the mornings opening.
By noon the averages had crept off the morning lows and the action now is being contributed to the HFT algo computers. Where Mr. market takes us now is anyone’s guess.
Residing at McDonalds as our Comcast internet is still out – Comcast really sucks! Wife just called and doesn't feel well, need to get on the train home and will forgo the closing commentary.
Printed this morning and worth a read again.
Once they get the little guys to chase the market, Smart Money usually watches for the right time, and then starts selling into the rally.
When International Business Machines Corp. (IBM) and General Electric Company (GE) surge the day earnings are released, even though the companies actually reported lower revenues and forward projections were not increased, we have evidence of a giddy market driven by investors who are reacting to the news instead of paying attention to valuation.
Eventually this will change, and the writing is on the Wall.
The DOW at 1:30 is at 15585 up 40 or 0.26%.
The SP500 is at 1695 down 0.54 or -0.03%.
SPY is at 169.47 down 0.04 or -0.02%.
The $RUT is at 1053 up 0.18 or 0.02%.
NASDAQ is at 3591 down 9 or -0.25%.
NASDAQ 100 is at 3044 down 11 or 0.35%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is negative.
WTI oil is trading between 107.29 and 105.45 today. The session bias is bullish and is currently trading down at 107.15.
Brent crude is trading between 107.56 and 108.62 today. The session bias is positive and is currently trading sideways at 108.48.
Gold rose from 1326.12 earlier to 1336.21 and is currently trading down at 1333.35.
Dr. Copper is at 3.197 rising from 3.163 earlier.
The US dollar is trading between 82.46 and 82.09 and is currently trading down at 82.16, the bias is currently negative.
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Written by Gary