Market Commentary: Averages Continue To Melt Upwards On Anemic Volume

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

Written by

Midday Market Commentary For 05-08-2014

The morning accent has slowed by the noon hour, but still melting upward on very low volume the HFT algo computers like. I wouldn't be surprised to see the averages back off somewhat before the closing bell, but if Mr. Putin decides to move into Ukraine, look for a crash.

The noontime action is on a waning mode but do not caught off-guard because it wouldn't take much to make this market move sharply downward, even if it is the Wall Street Crooks doing it.

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 SP500 MACD has turned flat, but remains above zero at 6.40. I would advise caution in taking any position during this volatile transition period although shows a 56 % buy. (Remember this has been negative for weeks.) members' sentiments are 69 % bearish.

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 16608 up 89 or 0.54%.

The SP500 is at 1887 up 9 or 0.49%.

SPY is at 188.84 up 0.98 or 0.52%.

The $RUT is at 1116 up 7 or 0.65%.

NASDAQ is at 4104 up 37 or 0.90%.

NASDAQ 100 is at 3580 up 34 or 0.95%.

$VIX 'Fear Index' is at 12.95 down 0.45 or -3.36%. 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 5 sessions have been sideways and the current bias is sideways, but positive.

How Oil Really Gets Priced

WTI oil is trading between 100.87 (resistance) and 99.90 (support) today. The session bias is negative and is currently trading down at 100.10.

Brent Crude is trading between 108.24 (resistance) and 107.41 (support) today. The session bias is sideways and volatile and is currently trading up at 107.89.

Gold fell from 1295.50 earlier to 1285.68 and is currently trading up at 1288.70. The current intra-session trend is negative.

Analysts forecast a corrosive year for copper prices

Dr. Copper is at 3.069 rising from 3.027 earlier.

The US dollar is trading between 79.93 and 79.48 and is currently trading down at 79.39, the bias is currently sideways and quiet.

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Written by Gary


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