Market Commentary: Markets Move To Positive Ground After Slow Start

October 4th, 2013
in Gary's blogging, market open

Written by

Opening Market Commentary For 10-04-2013

Premarkets were up to about midday in yesterdays session and no government financial reports this morning because of the partial US government shutdown. Markets appeared to be stalled at, or near, the support lines drawn back in early September.

Markets opened flat and mixed with indicators waving bullish flags for any investor willing to gamble a few quid. By the 15 minute mark the averages seemed to want to surge upward but were being held back by the innocuous 'Black Energy' that surrounds us. By 10 am the numbers were in positive territory, but moving sideways.

Follow up:

This upward ceiling, better known as a resistance, seems to be stronger than I would have imagined, but never the less the averages stopped at yesterday's sessions highs temporally.

Moving into day four of the US government shutdown, expect to see increasing volatility as each day passes without some Congressional headway. Long term indicators have moved off the 50-50 to 40%-60% sell and the shorter term is somewhat bullish. This period of time, in my opinion, is untradable, but that could change without notice.

The DOW at 10:00 is at 15021 up 25 or 0.17%.

The SP500 is at 1683 up 5 or 0.29%.

SPY is at 168.18 up 0.59 or 0.39%.

The $RUT is at 1074 up 3.64 or 0.34%.

NASDAQ is at 3793 up 18 or 0.49%.

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

How Oil Really Gets Priced

WTI oil is trading between 102.89 and 104.15 today. The session bias is negative and is currently trading down at 103.73.

Brent Crude is trading between 108.60 and 109.75 today. The session bias is negative and is currently trading down at 109.34.

Gold fell from 1324.71 earlier to 1308.83 and is currently trading down at 1310.40.

Here's why copper has lost its indicator role

Dr. Copper is at 3.300 rising from 3.258 earlier.

The US dollar is trading between 79.78 and 80.09 and is currently trading up at 80.06, the bias is currently positive.

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

gary@econintersect.com

 

Written by Gary

 















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