Market Commentary: Markets Open Down On Weak Financial News

October 23rd, 2013
in Gary's blogging, market open

Written by

Opening Market Commentary For 10-23-2013

Premarkets were off initially -0.40% and rose to -0.10% by the opening bell. Caterpillar posted disappointing results, Boeing beat street estimates and US import/export prices rise in September - mixed morning news.

Markets opened down and immediately started to melt further down as we have seen in previous sessions. By 10 am the small caps were down -0.85% leading the large caps in the decent. It is normally about this time when the averages start to recover and start melting upward, not sure this going to happen today.

Follow up:

My short term indicators show the markets generally untradable to a high sell percentage. The longer indicators are in the 55% to 65% sell zone and any long term positions at this time are a risky bet at best.

The DOW at 10:15 is at 15422 down 47 or -0.31%.

The SP500 is at 1747 down 8 or -0.46%.

SPY is at 174.57 down 0.86 or -0.49%.

The $RUT is at 1109 down 7 or -0.62%.

NASDAQ is at 3898 down 31 or -0.80%.

NASDAQ 100 is at 3342 down 25 or -0.75%.

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 69.46.

Brent Crude is trading between 110.06 and 108.78 today. The session bias is bearish and is currently trading down at 108.89.

Gold fell from 1342.29 earlier to 1329.54 and is currently trading sideways at 1332.30.

Here's why copper has lost its indicator role

Dr. Copper is at 3.281 falling from 3.334 earlier.

The US dollar is trading between 79.19 and 79.44 and is currently trading down at 79.33, the bias is currently sideways.

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


Written by Gary


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