Market Commentary: Averages Defy Common Sense By Melting Up

October 1st, 2013
in Gary's blogging, midday post

Written by

Midday Market Commentary For 10-01-2013

The small caps were hitting new historical highs just before noon where the NASDAQ and the $RUT didn't seem to have received the government shutdown memo. The large caps, DOW and SP500, were melting up, but remained subdued in comparison.

By noon volume was falling to anemic levels and the averages were melting up and so goes my theory of the markets doing nothing today.

Follow up:

This is not a market I would want to buy into at this juncture, short term indicators are screaming sell and the averages are creeping upwards.

The DOW at 12:15 is at 15188 up 58 or 0.38%.

The SP500 is at 1694 up 13 or 0.75%.

SPY is at 169.21 up 1.20 or 0.72%.

The $RUT is at 1085 up 11 or 1.05%.

NASDAQ is at 3810 up 39 or 1.03%.

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 102.57 and 101.14 today. The session bias is negative and is currently trading down at 101.36.

Brent Crude is trading between 108.40 and 106.81 today. The session bias is negative and is currently trading down at 107.06.

Gold fell from 1337.86 earlier to 1283.85 and is currently trading down at 1288.50.

Here's why copper has lost its indicator role

Dr. Copper is at 3.274 falling from 3.337 earlier.

The US dollar is trading between 79.95 and 80.33 and is currently trading up at 80.28, 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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