Averages Slide Sideways Having Reached Highs

September 4th, 2013
in Gary's blogging, midday post

Written by

Midday Market Commentary For 09-04-2013

By noon the averages has leveled off with several indices filling gaps left behind in downward openings on 8-26-2013. There is one more gap above made on 8-14-2013 that may be filled before Mr. Market moves on.

For today it appears we are at a resistance that may be penetrated today or tomorrow. Volume is low to moderate; this is a wait and see game, er, stock market.

Follow up:

The DOW at 12:30 is at 14947 up 113 or 0.76%.

The SP500 is at 1654 up 14 or 0.89%.

SPY is at 165.89 up 1.50 or 0.91%.

The $RUT is at 1025 up 9 or 0.85%.

NASDAQ is at 3648 up 36 or 0.99%.

NASDAQ 100 is at 3125 up 33 or 1.08%.

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

How Oil Really Gets Priced

WTI oil is trading between 108.60 and 107.02 today. The session bias is negative and is currently trading down at 107.28.

Brent Crude is trading between 116.02 and 114.44 today. The session bias is negative and is currently trading down at 114.97.

Gold fell from 1414.99 earlier to 1385.78 and is currently trading down at 1385.90.

Here's why copper has lost its indicator role

Dr. Copper is at 3.241 falling from 3.314 earlier.

The US dollar is trading between 82.46 and 82.11 and is currently trading up at 82.16, the bias is currently bearish.

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



Written by Gary


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