Market Commentary: Markets Open Down Remain Mixed By 10 AM

October 15th, 2013
in Gary's blogging, market open

Written by

Opening Market Commentary For 10-15-2013

Premarkets started out at -0.06% and melted down to -0.35% prior to the opening. Earnings are mixed with Citi missing, J&J beating and Coca-cola matching street views. The NY Manufacturing fell sharply for October giving one more worry to investors regarding the US financial health and supposed recovery. The party should go on unabated with the Fed's taper being put off to a later date.

Markets opened down as expected with some confused BTFD gamblers jumping in to slum for profitable leverage. By 10 am the averages had climbed back up near yesterday's closing numbers on low to moderate volume.

Follow up:

Action for today could change in a heart beat if the US law makers come up with a plan.

The DOW at 10:15 is at 15282 down 21 or -0.14%.

The SP500 is at 1708 down 2 or -0.11%.

SPY is at 170.73 down 0.18 or -0.11%.

The $RUT is at 1088 down 2 or -0.20%.

NASDAQ is at 3820 up 4 or 0.10%.

NASDAQ 100 is at 3263 up 7 or 0.20%.

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

How Oil Really Gets Priced

WTI oil is trading between 102.45 and 101.25 today. The session bias is negative and is currently trading down at 101.40.

Brent Crude is trading between 110.48 and 708.87 today. The session bias is negative and is currently trading down at 109.31.

Gold rose from 1251.17 earlier to 1277.37 and is currently trading down at 1271.30.

Here's why copper has lost its indicator role

Dr. Copper is at 3.302 rising from 3.281 earlier.

The US dollar is trading between 80.33 and 80.79 and is currently trading up at 80.74, 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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