Written by Gary
Midday Market Commentary For 09-18-2013
Just about the time I posted this mornings commentary the markets began to melt downward, slowly at first and 30 minutes later hit bottom where the DOW was down -0.20% and NASDQ down -0.05%. For a while it appeared the averages were going to recover as it has done in past sessions, but that hope was short lived as the numbers drifted lower to where the DOW was almost -0.30% lower.
By noon investors were getting spooked by rumors an innuendos floating over the wires and internet blogs that the fed was going to taper MORE than the original thought of 10 billion.
My daily quick trade indicator is getting VERY bullish as the SP500 falls but I fail to see where the markets could rise enough to penetrate the historical highs with a fight. I think I will sit tight and watch the bloodbath of the BTFDers scrambling to cover their long positions.
The DOW at 12:00 is at 15479 down 50 or -0.33%.
The SP500 is at 1701 down 4 or -0.23%.
SPY is at 170.65 down 0.44 or -0.26%.
The $RUT is at 1059 down 7 or -0.67%.
NASDAQ is at 3738 down 8 or -0.20%.
NASDAQ 100 is at 3191 down 0.43 or -0.01%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been positive and the current bias is negative.
WTI oil is trading between 106.27 and 104.76 today. The session bias is positive and is currently trading up at 106.25.
Brent Crude is trading between 109.27 and 107.64 today. The session bias is positive and is currently trading down at 109.25.
Gold fell from 1307.54 earlier to 1291.73 and is currently trading down at 1297.80.
Dr. Copper is at 3.268 rising from 3.206 earlier.
The US dollar is trading between 81.21 and 81.37 and is currently trading down at 81.28, the bias is currently sideways.
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Written by Gary