Markets Consolidating Ahead Of Washington Gridlock

September 26th, 2013
in Gary's blogging, midday post

Written by

Midday Market Commentary For 09-26-2013

Markets are truly in a holding pattern when looking at the past several days. Today's sea-saw has moved up and down providing no clue to where Mr. Market is going next.

Averages at noon were in the green and melting back up from the morning lows on anemic volume. The HFT computers are the only ones trading as most investors are taking a long lunch.

Follow up:

Don't get too complacent as when this gridlock in Washington comes to fruition all heck is going to break loose. I suspect today will remain weak and slowly melting downward.

Today, despite the massive swings, doesn't represent much of a trading day as the trading range is narrow and not profitable. Indicators remain for the short term at 70% to 80% sell and 15% to 20% buy.

The DOW at 12:15 is at 15310 up 37 or 0.24%.

The SP500 is at 1696 up 3 or 0.19%.

SPY is at 169.40 up 0.37 or 0.22%.

The $RUT is at 1075 up 2 or 0.16%.

NASDAQ is at 3782 up 21 or 0.56%.

NASDAQ 100 is at 3230 up 22 or 0.68%.

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

How Oil Really Gets Priced

WTI oil is trading between 102.20 and 103.28 today. The session bias is bearish and is currently trading down at 102.93.

Brent Crude is trading between 107.88 and 109.24 today. The session bias is bearish and is currently trading down at 108.81.

Gold fell from 1339.62 earlier to 1319.91 and is currently trading down at 1320.30. (gap at 1328.01)

Here's why copper has lost its indicator role

Dr. Copper is at 3.303 rose from 3.261 earlier.

The US dollar is trading between 80.40 and 80.76 and is currently trading up at 80.75, the bias is currently bullish.

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


Written by Gary


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