Market Commentary: Averages Slowly Sinking On Falling Volume

October 23rd, 2013
in Gary's blogging, midday post

Written by

Midday Market Commentary For 10-23-2013

The averages have sea-sawed downward on volume that was heavy in the morning and is currently sliding to moderate. Obviously, investors are leaning to the sell side, but the jury is still out with a final judgment.

By noon the volume was falling, the numbers were falling and investors mood was not improving.

Follow up:

Maybe by the session end today we will be able to ascertain a hint of direction.

The DOW at 12:30 is at 15381 down 85 or -0.55%.

The SP500 is at 1743 down 11 or -0.63%.

SPY is at 174.33 down 1.05 or -0.60%.

The $RUT is at 1111 down 5 or -0.61%.

NASDAQ is at 3898 down 31 or -0.79%.

NASDAQ 100 is at 3337 down 30 or -0.89%.

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

How Oil Really Gets Priced

WTI oil is trading between 98.27 and 96.18 today. The session bias is bearish and is currently trading down at 96.82.

Brent Crude is trading between 110.06 and 108.11 today. The session bias is bearish and is currently trading down at 108.22.

Gold fell from 1342.29 earlier to 1329.54 and is currently trading sideways at 1334.40.

Here's why copper has lost its indicator role

Dr. Copper is at 3.268 falling from 3.334 earlier.

The US dollar is trading between 79.19 and 79.44 and is currently trading down at 79.28, the bias is currently sideways.

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

gary@econintersect.com

 

Written by Gary

 









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