Market Commentary: Averages Melt Up, But Remain Flat And Lackluster

October 31st, 2013
in Gary's blogging, midday post

Written by

Midday Market Commentary For 10-31-2013

Volume has been surprisingly heavy for the morning session, while not breaking any records, it shows a prolonged trading activity when normally the investors are getting ready for lunch. The averages sea-sawed back and forth until 11 am where the bulls tried to push the number back up and out of the red.

By noon the averages had climbed somewhat higher on falling volume, but the bored investors are probably waiting for the next FOMC meeting before making any commitments.

Follow up:

Maybe tomorrow we will see some action, but I would not count on it as investors are really getting edgy and are not sure if the should cut bait or fish.

Short and long indicators are around 50-50, but leaning towards the sell side, just be careful and watch your stops.

The DOW at 12:15 is at 15607 down 11 or -0.07%.

The SP500 is at 1763 down 0.20 or -0.01%.

SPY is at 175.32 up 0.03 or 0.02%.

The $RUT is at 1103 down 2 or -0.16%.

NASDAQ is at 3933 up 2 or 0.06%.

NASDAQ 100 is at 3392 up 6 or 0.19%.

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

How Oil Really Gets Priced

WTI oil is trading between 96.98 and 96.07 today. The session bias is neutral and is currently trading up at 96.35.

Brent Crude is trading between 109.82 and 108.55 today. The session bias is negative and is currently trading up at 108.77.

Gold fell from 1341.92 earlier to 1321.33 and is currently trading up at 1324.40.

Here's why copper has lost its indicator role

Dr. Copper is at 3.296 rising from 3.291 earlier.

The US dollar is trading between 79.48 and 80.28 and is currently trading up at 80.22, 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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