Written by Gary
Midday Market Commentary For 09-25-2013
The morning markets did not fall as predicted, but rose out of the red into solid green territory lending itself to a nice shorting position.
By noon possible daily highs had been reached and the averages started to melt downward again as it looks like the HFT folks are jerking the numbers around on anemic volume. Little market news to move markets one way or another, but the algo computers will make sure we keep on guessing.
Watch the market numbers just before the close, could offer some solid ETF shorting possibilities. The short term indicators move to the high side in instances like this, however this casino market is full of surprises.
As of noon, the short term indicators are showing a 60% to 85% sell and a 15% to 20% buy. Long term remains 50-50 and not a reliable forecasting tool.
The DOW at 12:15 is at 15349 up 14 or 0.09%.
The SP500 is at 1700.39 up 3 or 0.18%.
SPY is at 169.80 up 0.27 or 0.16%.
The $RUT is at 1082 up 7 or 0.35%.
NASDAQ is at 3782 up 14 or 0.37%.
NASDAQ 100 is at 3226 up 7 or 0.22%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been down and the current bias is positivet.
WTI oil is trading between 102.84 and 103.95 today. The session bias is bearish and is currently trading down at 103.08.
Brent Crude is trading between 108.69 and 110.08 today. The session bias is negative and is currently trading down at 109.19.
Gold is trading between 1316.68 and 1338.18 and is currently trading up at 1334.60.
Dr. Copper is at 3.274 rising from 3.253 earlier.
The US dollar is trading between 80.38 and 80.74 and is currently trading down at 80.43, the bias is currently sideways.
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Written by Gary