Written by Gary
Midday Market Commentary For 11-06-20
Midday markets melted off their highs to settle in a mid range of flat, lackluster and uninteresting. Trading sideways on low volume the opening gaps have not been covered and not much of anything else has happened. The big story, of course, is that investors are worried about negative European financial news and what the Fed is going or not going to do regarding the tapper.
The short term indicators are leaning moderately towards the sell side this noontime, but because of the Fed's reluctance to give any hints of when the taper will begin, I would take most indicators with a grain of salt. The longer outlook remains 40-60 sell.
If we get Fed tapering in December the markets will certainly react in a negative fashion. If the tapering begins in March 2014, like many believe it will, the markets are going to price that in by declining sooner. I am expecting weak to negative markets for the foreseeable future. Maybe we have seen the top - but I wouldn't count it as long as the Fed continues to hand out 'Market Viagra'!
The DOW at 12:15 is at 15704 up 86 or 0.55%.
The SP500 is at 1767 up 4 or 0.24%.
SPY is at 177.82 up 0.56 or 0.31%.
The $RUT is at 1099 down 4 or -0.35%.
NASDAQ is at 3929 down 11 or -0.28%.
NASDAQ 100 is at 3382 down 7 or -0.20%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been sideways and the current bias is up, but sideways.
WTI oil is trading between 93.76 and 95.13 today. The session bias is positive and is currently trading up at 95.04.
Brent Crude is trading between 106.39 and 105.52 today. The session bias is sideways and is currently trading up at 105.88.
Gold rose from 1309.94 earlier to 1321.84 and is currently trading down at 1316.30.
Dr. Copper is at 3.231 falling from 3.277 earlier.
The US dollar is trading between 80.69 and 80.45 and is currently trading up at 80.55, the bias is currently neutral.
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Written by Gary