Written by Gary
Midday Market Commentary For 09-20-2013
The averages continued to melt down after this mornings Fed meeting indicating that the taper could happen in October. All of the major averages are in the red by noon with the small caps just over the line remaining flat.
Volume has remained low to moderate as many investors are pulling out ahead of the weekend. The averages have declined less than 50% of Wednesday's big gain, so we are not in any kind of correction just yet.
I would hazard a guess that we will continue to see further melting down today, but that doesn't mean we might see a waterfall action as anything can happen in this market.
And for those who care, my ETF short purchased at yesterday's opening has so far resulted in a +0.71 of a point. Normally I would expect that type of a return during the day, maybe seeing that several times in one session.
Pickings are there if you are lucky, but don't throw caution to the wind and watch your stops.
The DOW at 12:00 is at 15571 down 65 or -0.42%.
The SP500 is at 1716 down 6 or -0.36%.
SPY is at 171.34 down 0.58 or -0.34%.
The $RUT is at 1074 down 1or -0.09%.
NASDAQ is at 3785 down 4 or -0.11%.
NASDAQ 100 is at 3234 down 4 or -0.12%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been positive and the current bias is bearish.
WTI oil is trading between 106.11 and 105.01 today. The session bias is negative and is currently trading down at 105.35.
Brent Crude is trading between 108.48 and 109.65 today. The session bias is negative and is currently trading up at 109.04.
Gold fell from 1366.62 earlier to 1332.53 and is currently trading down at 1338.10.
Dr. Copper is at 3.323 falling from 3.358 earlier.
The US dollar is trading between 80.40 and 80.69 and is currently trading down at 80.54, the bias is currently positive.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
Written by Gary