Bear Trap On Opening, Heavy Green Volume Moves Markets Up

August 12th, 2013
in Gary's blogging, market open

Opening Market Commentary For 08-12-2013

Premarket was down 0.75% and of course the markets opened down, but it was a bear trap. Within 10 minutes most the averages had closed the opening gap and the remainder were not far behind. The opening was under heavy red volume soon followed by heavy green volume from the BTFD folks.

By 10 am the markets were settled down to a sideways trend with a negative slant. Where we go from here today is anyone's guess.

Follow up:

The DOW at 10:30 is at 15408 down 15 or -0.15%.

The SP500 is at 1689 down 3 or -0.16%.

SPY is at 169.05 down 0.27 or -0.16%.

The $RUT is at 1050 up 1 or 0.14%.

NASDAQ is at 3665 up 5 or 0.15%.

NASDAQ 100 is at 3124 up 6 or 0.19%.

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

How Oil Really Gets Priced

WTI oil is trading between 105.15 and 106.36 today. The session bias is slightly negative and is currently trading up at 105.56.

More Widening For The Brent/WTI Spread ahead?

Brent crude is trading between 108.25 and 106.29 today. The session bias is bearish and is currently trading up at 106.69. (serious gap at 108.20)

Gold rose from 1309.37 earlier to 1343.00 and is currently trading up at 1340.50.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.319 rising from 3.284 earlier.

The US dollar is trading between 81.11 and 81.54 and is currently trading down at 81.46, 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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