Morning's Euphoria Slows To Crawl As Volume Falls

August 12th, 2013
in Gary's blogging, midday post

Midday Market Commentary For 08-12-2013

I hope you were not caught up in the bear trap first thing this morning as the markets have continued to climb upwards on diminishing volume. Not a good sign as it may signify that the sheeples are willing to buy at higher prices while the HFT computers are jacking the numbers up.

By noon the accent had slowed to where the averages were trading sideways with a slight negative slant. The 'fear gauge' ($VIX) has fallen to 12.83 from the high 13's a couple of sessions ago and the financial news, for the most part, is quiet.

Follow up:

I feel the markets are in a slight negative trend that I suppose could be called a consolidating phase, but I would definitely would want to bet on it either way.


The market is in consolidation mode. It’s correcting with time, not price. This could change, but for now, this is the case.

Most indicators are moving and pointing in the bear’s direction, and more time is needed before they reach oversold levels.

From a trading perspective, there have been fewer good set ups to work with. This is just that way it’s been. Just like a hitter can’t force a pitcher to throw him a perfect strike, we can’t demand the market hand us good set ups.

We either swing at what’s thrown our way or we stand there with the bat on our shoulder and be patient.

The DOW at 12:30 is at 15396 down 29 or -0.19%.

The SP500 is at 1687 down 4 or -0.24%.

SPY is at 168.91 down 0.39 or -0.23%.

The $RUT is at 1051 up 3 or 0.26%.

NASDAQ is at 3665 up 5 or 0.14%.

NASDAQ 100 is at 3122 up 4 or 0.12%.

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

How Oil Really Gets Priced

WTI oil is trading between 105.15 and 106.44 today. The session bias is slightly negative and is currently trading down at 106.01.

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 down at 107.27. (serious gap at 108.20)

Gold rose from 1309.37 earlier to 1343.00 and is currently trading up at 1335.50.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.304 rising from 3.284 earlier.

The US dollar is trading between 81.11 and 81.54 and is currently trading down at 81.36, the bias is currently negative.

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

Written by Gary

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