Written by Gary
Midday Market Commentary For 08-23-2013
Very nice trading swings this morning, but unfortunately very unpredictable and smells of manipulation. Volume has remained moderate to heavy with the BTFDers jumping in at every chance, but it also appears they are getting worried too as the buying spree didn't occur well after the bottoms were formed.
By noon, volume had fallen from moderate to low with the averages starting to start the afternoon session with a familiar narrow trading zone following bad home sales reports.
Interestingly, the US New Home Sales had it's worse drop since 2010 (-13.4%) as reported at 10 am. What did the markets do at that point? Rise right back up to the mornings highs; a swing of 61 points on the DOW and 8 points on the SP500. Folks, that ain't right, as they say in the South. We may see market weakness creep into the mix before the session end and soften up the numbers prior to the weekend.
The DOW at 12:00 is at 14973 up 18 or 0.27%.
The SP500 is at 1659 up 3 or 0.16%.
SPY is at 166.31 up 0.24 or 0.14%.
The $RUT is at 1035 down 1 or -0.11%.
NASDAQ is at 3650 up 12 or 0.33%.
NASDAQ 100 is at 3119 up 18 or 0.58%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been negative and the current bias is sideways with a positive slant.
WTI oil is trading between 104.32 and 106.30 today. The session bias is bullish and is currently trading up at 106.12.
Brent Crude is trading between 111.20 and 108.76 today. The session bias is bullish and is currently trading up at 110.98.
Gold rose from 1368.42 earlier to 1397.61 and is currently trading up at 1396.80.
Dr. Copper is at 3.353 rising from 3.315 earlier.
The US dollar is trading between 81.69 and 81.25 and is currently trading down at 81.38, the bias is currently negative.
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Written by Gary