Written by Gary
Midday Market Commentary For 09-19-2013
The markets have melted off the morning highs and appeared to be weakening as I type. Red volume spikes showing some investors getting out while they can, but I do not see any waterfall action at this time.
By noon there isn't much to expound on and investors will have to wait this one out for a while, perhaps as long as the next FOMC meeting in December. A correction is warranted, but is this a trip down from the 'top' or just a wind up for the next pitch.
The SP500 touched yesterday's historical highs but couldn't push any higher making what looks like a double top. Indicators are still 50-50, but couldn't resist buying an ETF short at the opening, but so far today I have a quarter point profit. Not much considering what had to be put on the table to gamble.
The DOW at 12:00 is at 15642 down 35 or -0.23%.
The SP500 is at 1723 down 2.55 or -0.15%.
SPY is at 172.90 down 0.15 or -0.09%.
The $RUT is at 1073 down 4 or -0.37%.
NASDAQ is at 3784 up 0.01 or 0.00%.
NASDAQ 100 is at 3234 up 2.40 or 0.07%.
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 108.15 and 106.01 today. The session bias is negative and is currently trading down at 106.14.
Brent Crude is trading between 111.27 and 108.99 today. The session bias is negative and is currently trading down at 109.17.
Gold has move sideways between 1374.83 earlier to 1358.81 and is currently trading down at 1369.90.
Dr. Copper is at 3.343 rising from 3.311 earlier.
The US dollar is trading between 80.48 and 80.15 and is currently trading down at 80.46, the bias is currently sideways.
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Written by Gary