Market Commentary: Averages Stop Downward Melting Remain Mostly Mixed And Flat

March 26th, 2014
in Gary's blogging, midday post

Written by

Midday Market Commentary For 03-26-2014

By 1 pm the averages appear to trending upwards, but remaining in a narrow trading zone. The $VIX has remained in the high 13's and volume has occasional red and green spikes to keep worried investors on their toes. This session is not dead yet, but I suspect we will see a bit more negative trending before this session is over.


Follow up:

It is very quiet, news wise, and investors should be especially vigilant for sudden reversals.

The short term indicators are leaning towards the hold side at the midday. The all important signs of reversal, up or down, have not been observed so we are mostly, at best, neutral and conservatively holding. The 50DMA, volume and a host of other studies have not turned, only a 6% correction (and recovery) and that is not enough for me to start shorting. The MACD has turned down slightly, but remains above zero. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 0 % hold.

If you would like to get advanced buy/sell tweets, sign-up in the column to the right of this post by clicking on the 'Follow' button. Write me with suggestions and I promise not to bite.

The DOW at 1:00 is at 16414 up 47 or 0.29%.

The SP500 is at 1870 up 5 or 0.26%.

SPY is at 186.77 up 0.46 or 0.25%.

The $RUT is at 1180 up 2 or 0.16%.

NASDAQ is at 4228 down 6 or -0.15%.

NASDAQ 100 is at 3628 down 1 or -0.03%.

$VIX 'Fear Index' is at 13.81 down 0.21 or -1.50%. Neutral Movement

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

How Oil Really Gets Priced

WTI oil is trading between 99.03 and 100.10 today. The session bias is elevated, but sideways and is currently trading up at 99.85.

Brent Crude is trading between 106.68 and 107.32 today. The session bias is negative and is currently trading down at 106.70.

Gold fell from 1316.88 earlier to 1300.88 and is currently trading down at 1302.90. The current intra-session trend is negative.

Analysts forecast a corrosive year for copper prices

Dr. Copper is at 2.964 falling from 3.012 earlier.

The US dollar is trading between 80.00 and 80.29 and is currently trading up at 80.22, the bias is currently sideways.

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

gary@econintersect.com

 

Written by Gary

 









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