Market Commentary: Markets Quiet, Volume Anemic, Direction Unsure

April 16th, 2014
in Gary's blogging, midday post

Written by

Midday Market Commentary For 04-16-2014

Slow day in 'Marketsville', volume is anemic and trading is sideways in a narrow band. The SP500 backed off its morning high by a few points (9) and by noon eased itself back up to within 1 point of the mornings high.

By noon investors are really skeptical regarding further market advances and point fingers at the HFT algo computers for the late morning melting back up.


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 past 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 32 % 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 12:00 is at 16377 up 115 or 0.70%.

The SP500 is at 1856 up 13 or 0.71%.

SPY is at 185.53 up 1 or 0.72%.

The $RUT is at 1128 up 9 or 0.78%.

NASDAQ is at 4072 up 39 or 0.96%.

NASDAQ 100 is at 3521 up 35 or 0.99%.

$VIX 'Fear Index' is at 14.52 down 1.13 or -7.24%. 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 4 sessions have been positive and the current bias is mildly positive.

How Oil Really Gets Priced

WTI oil is trading between 104.97 (resistance) and 103.15 (support) today. The session bias is negative and is currently trading down at 103.35.

Brent Crude is trading between 110.33 (resistance) and 109.00 (support) today. The session bias is negative and is currently trading down at 109.72.

Gold rose from 1293.79 earlier to 1306.97 and is currently trading up at 1300.50. The current intra-session trend is mixed, but trending sideways.

Analysts forecast a corrosive year for copper prices

Dr. Copper is at 3.026 rising from 2.981 earlier.

The US dollar is trading between 79.91 and 79.94 and is currently trading down at 79.89, the bias is currently mixed and volatile.

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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