Market Commentary: Averages Fall Erasing Yesterday's Gains, DOW Off Triple Digits

April 10th, 2014
in Gary's blogging, midday post

Written by

Midday Market Commentary For 04-10-2014

The averages never really recovered from an attempt to climb higher at the opening. One feeble attempt and it was all downhill from there. Small caps are all down over 1.5% and the SP500 is off over 1%

By 12 pm the markets were looking tired and seemingly unable to muster the strength to finish the session in the green. All of yesterday's gains have been wiped out and the caution flags are out for anyone thinking there is a bull rally around the corner. I would at least be cautious regarding buying or selling, especially buying.


Follow up:

The market fall stopped at the SP500 support at 1839 - let's say paused for the moment.

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 24 % 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 16303 down 134 or -0.80%.

The SP500 is at 1851 down 22 or -1.15%.

SPY is at 184.98 down 2.09 or -1.12%.

The $RUT is at 1134 down 26 or -2.23%.

NASDAQ is at 4094 down 91 or -2.17%.

NASDAQ 100 is at 3524 down 76 or -2.12%.

$VIX 'Fear Index' is at 15.00 up 1.17 or 8.47%. Bearish Movement

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

The longer trend is up, the past months trend is sideways, the past 5 sessions have been mixed and the current bias is negative.

How Oil Really Gets Priced

WTI oil is trading between 103.79 (resistance) and 103.14 (support) today. The session bias is mixed and sideways and is currently trading down at 103.32.

Brent Crude is trading between 107.88 (resistance) and 107.26 (support) today. The session bias is mixed and is currently trading down at 107.39.

Gold rose from 1307.72 earlier to 1324.90 and is currently trading down at 1320.30. The current intra-session trend is sideways.

Analysts forecast a corrosive year for copper prices

Dr. Copper is at 3.046 rising from 3.021 earlier.

The US dollar is trading between 79.64 and 79.39 and is currently trading down at 79.44, 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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