Market Commentary: Averages Trade Sideways On Anemic Volume, HFT Computers Moving Averages

April 8th, 2014
in Gary's blogging, midday post

Written by

Midday Market Commentary For 04-08-2014

Today is the continuation of the Pump-in-Dump now Dump-in-Pump day as the HFT algo computers party on.

By noon the sea-sawing was making most investors seasick as the numbers jumped back and forth raising expectations and then dashing them. Traders like the volatility, but there doesn't seem to be very many to take the risk. The bears appear to be rolling over, but I have said that before and was wrong. The volume has reached anemic proportions, yet the numbers melt upwards, smells like a bear trap.


Follow up:

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 important DMA's, 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 8 % sell. (Remember this has been negative for weeks.)

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 12:15 is at 16286 up 41 or 0.25%.

The SP500 is at 1852 up 7 or 0.40%.

SPY is at 185.11 up 0.79 or 0.43%.

The $RUT is at 1144 up 8 or 0.71%.

NASDAQ is at 4114 up 34 or 0.83%.

NASDAQ 100 is at 3589 up 32 or 0.90%.

$VIX 'Fear Index' is at 15.00 down 0.58 or -3.73%. Bullish Movement

(Follow Real Time Market Averages at end of this article)

The longer trend is up, the past months trend is sideways, the past 3 sessions have been negative and the current bias is elevated, but sideways.

How Oil Really Gets Priced

WTI oil is trading between 100.52 and 101.48 today. The session bias is mixed and sideways and is currently trading up at 101.45.

Brent Crude is trading between 105.76 and 106.54 today. The session bias is mixed, now positive and is currently trading up at 106.44.

Gold fell from 1314.69 earlier to 1307.35 and is currently trading up at 1308.20. The current intra-session trend is negative.

Analysts forecast a corrosive year for copper prices

Dr. Copper is at 3.054 rising from 3.026 earlier.

The US dollar is trading between 80.35 and 79.85 and is currently trading down at 79.87, the bias is currently negative.

Real Time Market Numbers

 

 

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

gary@econintersect.com

 

Written by Gary

 









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