Market Commentary: Markets Open Flat, Sea-Sawing On Falling Volume

October 8th, 2013
in Gary's blogging, market open

Written by

Opening Market Commentary For 10-08-2013

Premarkets were flat with SPY up +0.06% at one point giving little hint of direction Mr. Market was going to take at the opening.

Markets opened down, but flat with the $NDX off -0.60%. The averages then proceeded to sea-saw up and down from yesterday's closing numbers with the DOW down -0.10 and the $RUT in the green at +0.07%. The trend for the small caps is down and the large caps has a very slight positive trend on low volume.

Follow up:

Just about jumped in when the opening indicators were screaming bullish, but held back understanding that volatility is expected and market movements can go either way. As it turned out, any buy or short would have rendered a no gain. Avery tricky market that is probably best to sit out for now, but be prepared for massive swings based on rumors.

As of 10:30 a triangle of sorts on the SP500 chart is coming to a head looking for a breakout, most likely down, but then that is just a guess.

The DOW at 10:30 is at 14905 down 28 or -0.19%.

The SP500 is at 1673 down 3 or -0.17%.

SPY is at 167.23 down 0.20 or -0.12%.

The $RUT is at 1064 down 2 or -0.17%.

NASDAQ is at 3749 down 21 or -0.27%.

NASDAQ 100 is at 3195 down 35 or -1.08%.

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

How Oil Really Gets Priced

WTI oil is trading between 104.06 and 102.86 today. The session bias is neutral and is currently trading down at 103.40.

Brent Crude is trading between 109.09 and 110.79 today. The session bias is neutral and is currently trading down at 110.12.

Gold rose from 1316.07 earlier to 1330.16 and is currently trading up at 1327.00.

Here's why copper has lost its indicator role

Dr. Copper is at 3.315 rising from 3.287 earlier.

The US dollar is trading between 80.16 and 79.94 and is currently trading down at 79.95, the bias is currently negative.

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

gary@econintersect.com

 

Written by Gary

 















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