Written by Gary
Midday Market Commentary For 11-11-2013
Markets have slithered sideways on anemic volume. Investors apparently have taken the day off as the HFT computers move the charts. I suppose Mr. Market could do something exciting and change traders views, but right now it looks like everyone is checking train schedules for a early getaway.
The short term indicators are leaning, barely, towards the sell side by 12 pm, but because of the Fed's reluctance to give any hints of when the taper will begin, investors really do not know what to do. Having said that, I would take chart and other technical indicators with a grain of salt.
The longer 6 month outlook remains 40-60 sell in my opinion while the Barchart is again calling a 100% sell on the long term and 88% on the medium term. I can't be that bearish in light of what the Fed may or may not do.
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. Also, many pundits have stated that we may have seen the top - but I wouldn't count it as long as the Fed continues to hand out 'Market Viagra'! I would like to see a blowout candle to verify a top or even something over a 2 percent market rise would be a good signal.
The DOW at 12:00 is at 15784 up 22 or 0.14%.
The SP500 is at 1772 up 0.00 or 0.06%.
SPY is at 177.29 up 0.09 or 0.00%.
The $RUT is at 1102 up 2 or 0.18%.
NASDAQ is at 3918 down 0.36 or -0.01%.
NASDAQ 100 is at 3363 down 4 or -0.11%.
The longer trend is up, the past 6months trend is bullish, the past 10 sessions have been sideways and the current bias is sideways.
WTI oil is trading between 95.37 and 94.12 today. The session bias is positive and is currently trading down at 95.20.
Brent Crude is trading between 105.12 and 106.19 today. The session bias is positive and is currently trading down at 105.88.
Gold rose from 1278.53 earlier to 1286.99 and is currently trading sideways at 1281.90.
Dr. Copper is at 3.259 falling from 3.268 earlier.
The US dollar is trading between 81.41 and 81.16 and is currently trading down at 81.18, the bias is currently sideways.
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Written by Gary