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Markets Continue To Melt Upwards With Eyes Closed

August 28th, 2013
in Gary's blogging, midday post

Written by

Midday Market Commentary For 08-28-2013

Volume has steadily fallen to very low levels since this morning with intermittent spikes of red and green. No one except the HFT computers, messing up the charts as they usually do, seem to know or care what Mr. Market is doing or is going to do. Most investors have already made up their minds what they think the market is going to do.

By noon the averages had melted up from the morning lows in preparation for the next decent. Investors must have VERY dark sunglasses on or something.

Follow up:

All kidding aside, this casino market proves its worthlessness in times like this where common sense tell you that the current numbers are not real and they should be going to hell in a hand basket.

My indicators say we are at a~60% buy and a 30% sell, but the short term ones are painting a completely different picture. The short term indicators are indicating a bleak picture that bleeds into the long term aspects and that is not comforting as an investor.

As a trader I want to see higher volume and predictable, somewhat at least, movements.

The DOW at 12:30 is at 14848 up 73 or 0.49%.

The SP500 is at 1640 up 10 or 0.58%.

SPY is at 164.35 up 1.01 or 0.62%.

The $RUT is at 1019 up 5.80 or 0.57%.

NASDAQ is at 3602 up 23 or 0.65%.

NASDAQ 100 is at 3079 up 20 or 0.64%.

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

How Oil Really Gets Priced

WTI oil is trading between 112.23 and 109.32 today. The session bias is neutral and is currently trading up at 109.84.

Brent Crude is trading between 117.34 and 114.84 today. The session bias is neutral with a negative slant and is currently trading up at 115.42.

Gold fell from 1433.52 earlier to 1415.50 and is currently trading up at 1418.10.

Here's why copper has lost its indicator role

Dr. Copper is at 3.324 falling from 3.354 earlier.

The US dollar is trading between 81.13 and 81.64 and is currently trading down at 81.50, the bias is currently neutral.

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

gary@econintersect.com

 

Written by Gary

 









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