Written by Gary
Midday Market Commentary For 10-11-2013
Markets continued to chug along pushing the numbers higher on some rumors, but on falling volume (bearish), so I wouldn't put much faith in the solidarity of the bulls right now.
By noon the averages moved higher with the small caps leading the way (bullish) as the $VIX eases down to 15.61. I do not see these highs being kept and I see the SP500 closing below 1700 once again.
Personally I can't see the markets closing up, well maybe a tiny bit, but who in their right mind would hold any position over this weekend in particular. There are going to be so many rumors and false flag innuendos over the next two days to make a successful trader cry. I suppose the SP500 could close above 1700, but again this is a crazy market.
Remember you are not dealing with a 'normal' market and anything can and will happen.
Filed under "you can't make this shit up," in perhaps the most ironic thing to come out of DC, the Washington Times reports that the White House Gift Shop has gone broke.
Long run by a nonprofit group that helps uniformed Secret Service officers and their families the official White House Gift Shop, lists more than $600,000 in liabilities in a pending bankruptcy petition in Washington.
The bankruptcy petition, filed in June in a case that remains active, doesn't explain why the fund went bankrupt in the first place, but court records reveal a recent history of tax troubles and litigation.
The indicators for the afternoon are 20% sell and the longer view still stands at 60% sell. Trade accordingly.
The DOW at 12:00 is at 15206 up 83 or 0.56%.
The SP500 is at 1701 up 8 or 0.49%.
SPY is at 170.07 up 0.89 or 0.53%.
The $RUT is at 1078 up 8 or 0.78%.
NASDAQ is at 3785 up 25 or 0.65%.
The longer trend is up, the past months trend is neutral to bearish, the past 5 sessions have been bearish and the current bias is positive.
WTI oil is trading between 102.91 and 100.62 today. The session bias is negative and is currently trading up at 101.58.
Brent Crude is trading between 111.84 and 110.53 today. The session bias is neutral with a positive slant and is currently trading up at 110.97.
Gold fell from 1294.56 earlier to 1262.75 and is currently trading up at 1267.90.
Dr. Copper is at 3.271 rising from 3.227 earlier.
The US dollar is trading between 80.55 and 80.33 and is currently trading up at 80.46, the bias is currently positive, but quiet.
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Written by Gary