Market Commentary: Markets Open Up, SP500 Hits New Highs, DOW Still Trailing

October 29th, 2013
in Gary's blogging, market open

Written by

Opening Market Commentary For 10-29-2013

Premarkets were up +0.25% while the oils were trending down and the US dollar was trending up.

The markets opened up +0.28 and the SP500 made new historical highs again this morning while the DOW is coming closer to making a triple top. The small caps also gaped up out of the starting block but on very low volume as some investors are being optimistic regarding the 2 day FOMC meeting this week.

By 10 am the rally, carried over from yesterday, started melting down with increasing red volume.

Follow up:

The 10 am Consumers Confidence had a huge drop coming in at 71.2 dropping from 79.7 and the averages 'sorta' melted down further, but basically unchanged as most investors are waiting to hear what the FED has to say.

The short term indicators are at 50-50 this morning making the morning untradeable. The talk on the street is that the taper Fed WILL NOT happen and the rumor is that they will actually increase it from current levels.

The DOW at 10:15 is at 15611 up 42 or 0.27%.

The SP500 is at 1766 up 4 or 0.21%.

SPY is at 176.56 up 0.32 or 0.18%.

The $RUT is at 1120 up 2 or 0.14%.

NASDAQ is at 3942 up 2 or 0.06%.

NASDAQ 100 is at 3385 up 2 or 0.07%.

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

How Oil Really Gets Priced

WTI oil is trading between 98.51 and 97.87 today. The session bias is negative and is currently trading up at 98.29.

Brent Crude is trading between 109.49 and 108.57 today. The session bias is negative and is currently trading up at 109.02.

Gold fell from 1360.21 earlier to 1340.36 and is currently trading up at 1350.50.

Here's why copper has lost its indicator role

Dr. Copper is at 3.283 rising from 3.246 earlier.

The US dollar is trading between 79.37 and 79.59 and is currently trading up at 79.57, the bias is currently positive with resistance at 79.59.

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


Written by Gary


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