Averages Slide Sideways – Consolidation?

September 5th, 2013
in Gary's blogging, midday post

Written by

Midday Market Commentary For 09-05-2013

Noontime show indices off the morning highs by a smidgin (0.10%) and generally sliding along in a very tight range bound zone of +- 0.05%. Volume has fallen off and appears to be approaching anemic levels.

The upper resistance was penetrated slightly and then melted down to the new support but didn't move through it and that is where we find the averages at 12:00. Could be we are seeing another consolidation in progress.

Follow up:

The Syrian conflict situation doesn't seem to have quieted down any and investors are wondering what to do as the Fed has hinted it is going to start tapering the free ice cream soon. The bears seem to have the edge inspite of an positive market.

The DOW at 12:15 is at 14941 up 10 or 0.07%.

The SP500 is at 1656 up 3 or 0.16%.

SPY is at 166.00 up 0.24 or 0.14%.

The $RUT is at 1029 up 3 or 0.29%.

NASDAQ is at 3656 up 7 or 0.18%.

NASDAQ 100 is at 3127 up 2 or 0.07%.

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

How Oil Really Gets Priced

WTI oil is trading between 106.82 and 108.52 today. The session bias is positive and currently trading down at 108.26.

Brent Crude is trading between 114.31 and 115.55 today. The session bias is negative and is currently trading down at 115.06.

Gold rose fell 1399.46 earlier to 1365.17 and is currently trading down at 1367.20.

Here's why copper has lost its indicator role

Dr. Copper is at 3.238 falling from 3.259 earlier.

The US dollar is trading between 82.14 and 82.71 and is currently trading up at 82.64, the bias is currently positive.

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



Written by Gary


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