Market Commentary: Markets Open Lower, Test Yesterday's Lows

October 9th, 2013
in Gary's blogging, market open

Written by

Opening Market Commentary For 10-09-2013

Premarkets were higher this morning, about level with yesterday's late afternoon's activity but giving no indication where Mr. Market was going to go.

Markets opened flat and in the green, but quickly slipped below yesterday's low point. Just as quickly, the averages inched back up to mixed and flat status beginning the familiar sea-saw motion.

By 10 am the market direction was trending downward on low to moderate volume with the small caps leading the way at -0.75%.

Follow up:

Everyone knows the markets took a big hit yesterday and it is looking more and more like we are going to see the August lows taken out. It is also looking like a agreement in Washington might see a knee-jerk reaction upwards in the markets, but the original problems are still with us.

In other words, I wouldn't be placing too many orders on the long side.

The DOW at 10:30 is at 14805 up 25 or 0.17%.

The SP500 is at 1657 up 1.64 or 0.12%.

SPY is at 165.68 up 0.18 or 0.11%.

The $RUT is at 1045 down 2 or -0.22%.

NASDAQ is at 3680 down 15 or -0.40%.

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 101.76 today. The session bias is negative and is currently trading down at 101.84.

Brent Crude is trading between 110.48 and 108./60 today. The session bias is negative and is currently trading down at 108.64.

Gold fell from 1322.13 earlier to 1295.27 and is currently trading down at 1297.60.

Here's why copper has lost its indicator role

Dr. Copper is at 3.225 falling from 3.297 earlier.

The US dollar is trading between 79.96 and 80.53 and is currently trading up at 80.50, the bias is currently positive.

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


Written by Gary


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