Written by Gary
Midday Market Commentary For 11-14-2013
As usual the $RUT is lagging behind as the other major averages melt upward on this day of possible atonement. Volume has been moderate and not exactly giving a warm fuzzy feeling about further market gains as many investors await concrete evidence what the QEeen Yellen has in mind.
By noon the averages had backed off the morning highs and were sliding mostly sideways as volume was keeping a steady pace of low to moderate up to this time.
The short term indicators are still leaning modestly, down from heavy this morning, towards the sell side at the midday mark, but I would HIGHLY advise caution in taking a position because of the Fed's reluctance to give any hints of when the taper will begin. I would also take chart and other technical indicators with a grain of salt for the time being and watch what the Fed does.
The longer 6 month outlook remains 40-60 sell until we can see what the Fed is going to do, simple as that. 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 along with heavy volume.
The DOW at 12:15 is at 15851 up 28 or 0.18%.
The SP500 is at 1788 up 6 or 0.32%.
SPY is at 179.01 up 0.64 or 0.36%.
The $RUT is at 1109 down 3 or -0.26%.
NASDAQ is at 3962 down 4 or -0.09%.
NASDAQ 100 is at 3404 down 1 or -0.04%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been sideways and the current bias is sideways.
WTI oil is trading between 94.03 and 92.52 today. The session bias is positive and is currently trading up at 93.87.
Brent Crude is trading between 106.96 and 108.89 today. The session bias is positive and is currently trading up at 108.81.
Gold rose from 1277.99 earlier to 1293.32 and is currently trading down at 1288.20.
Dr. Copper is at 3.163 falling from 3.182 earlier.
The US dollar is trading between 81.27 and 80.92 and is currently trading up at 81.03, the bias is currently negative.
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Written by Gary