Market Commentary: Averages Continue To Keep Investors Guessing

October 9th, 2013
in Gary's blogging, midday post

Written by

Midday Market Commentary For 10-09-2013

Markets slipped down to new lows and recovered to where they are now testing the resistance created by this morning's lows. Volume is light and we may have seen the bearish action for the day. Middle finger negotiations going on between the US political factions have gone nowhere and appear to be just a side show the real issues facing the financial markets.

By noon investors were getting increasingly edgy wondering when the bottom will fall out.

Follow up:

The declining markets may end up looking like a waterfall in the dead of winter and catch everyone by surprise expecting it to rebound at any moment, but it just keeps on slipping. That is the way I see it, be prepared.

The DOW at 12:15 is at 14779 up 3 or 0.02%.

The SP500 is at 1652 down 3 or -0.17%.

SPY is at 165.18 down 0.30 or -0.18%.

The $RUT is at 1044 down 4 or -0.34%.

NASDAQ is at 3665 down 30 or -0.81%.

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

How Oil Really Gets Priced

WTI oil is trading between 103.75 and 101.25 today. The session bias is negative and is currently trading down at 101.43.

Brent Crude is trading between 110.48 and 108.21 today. The session bias is negative and is currently trading down at 108.53.

Gold fell from 1322.13 earlier to 1295.27 and is currently trading down at 1301.00.

Here's why copper has lost its indicator role

Dr. Copper is at 3.232 falling from 3.297 earlier.

The US dollar is trading between 79.96 and 80.53 and is currently trading down at 80.48, 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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