Averages Gap Up On Opening, Volume Heavy

September 10th, 2013
in Gary's blogging, market open

Written by

Opening Market Commentary For 09-10-2013

Premarkets were up this morning some +0.50% having rallied somewhat late in yesterday's session.

The markets opened up as expected and the SP500 shot up 9 points and the DOW, also gaping, popped up to 15146. The NASDAQ having set a new historical high yesterday bested that mark by scooting upwards to 3724 before melting off the morning highs. The familiar pattern of sea-sawing sideways may not be the norm today with so many uncertainties and technical issues affecting the market place. The volume was relatively heavy with the bulls wining the battle.

The question is what today's session going to be like, trading wise.

Follow up:

My guess was to short a few candidates at the opening and see if the markets 'correct' somewhat today before rising again. I foresee the markets continuing climbing closing up one last significant gap left by several notable indices on 08-14. On the SP500 the gap bottom is at 1684.83 at which point becomes a decision point of advancing or declining. Indicators favor declining with a 80% sell on the short term. Longer term indicators are 50 / 50 and are not reliable.

The DOW at 10:00 is at 15149 up 86 or 0.57%.

The SP500 is at 1681 up 9 or 0.58%.

SPY is at 168.61 up 1 or 0.59%.

The $RUT is at 1051 up 5 or 0.51%.

NASDAQ is at 3723 up 16 or 0.44%.

NASDAQ 100 is at 3182 up 13 or 0.40%.

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

How Oil Really Gets Priced

WTI oil is trading between 108.89 and 106.61 today. The session bias is negative and is currently trading up at 107.09.

Brent Crude is trading between 113.56 and 110.60 today. The session bias is negative and is currently trading up at 111.09.

Gold fell from 1391.22 earlier to 1362.62 and is currently trading up at 1364.20.

Here's why copper has lost its indicator role

Dr. Copper is at 3.282 rising from 3.253 earlier.

The US dollar is trading between 81.98 and 81.73 and is currently trading down at 81.86, the bias is currently negative.

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

gary@econintersect.com

 

Written by Gary

 















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