Market Commentary: DOW Can't Hold Highs, $RUT Gets Slammed

May 13th, 2014
in Gary's blogging, midday post

Written by

Midday Market Commentary For 05-13-2014

New large cap historical highs made and the $RUT gets slammed - down almost 1%. By noon the large caps have descended off their morning highs and every time there is a dip the BTFDers jump in. Great volatility if you are a trader, but seriously messing up investors train of thought.

By noon the DOW and SP500 were in the green, but flat and the NASDAQ was solidly in the red and looking to head even lower.

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 and that is not enough for me to start shorting. The SP500 MACD has turned up, but remains above zero at 7.70. I would advise caution in taking any position during this volatile transition period although shows a 72 % buy. (Remember this has been negative for weeks.) members' sentiments are 71 % 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 12:00 is at 16705 up 9 or 0.05%.

The SP500 is at 1896 down 0.02 or -0.00%.

SPY is at 189.89 up 0.11 or 0.06%.

The $RUT is at 1124 down 10 or -0.88%.

NASDAQ is at 4133 down 11 or -0.26%.

NASDAQ 100 is at 3611 down 2 or -0.05%.

$VIX 'Fear Index' is at 12.27 up 0.05 or 0.41%. Neutral 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 negative.

How Oil Really Gets Priced

WTI oil is trading between 101.50 (resistance) and 100.36 (support) today. The session bias is elevated and volatile and is currently trading up at 101.39.

Brent Crude is trading between 108.30 (resistance) and 107.45 (support) today. The session bias is sideways and volatile and is currently trading up at 108.16.

Gold rose from 1289.21 earlier to 1298.61 and is currently trading up at 1296.10. The current intra-session trend is elevated and volatile.

Analysts forecast a corrosive year for copper prices

Dr. Copper is at 3.132 falling from 3.152 earlier. (Very volatile)

The US dollar is trading between 80.20 and 79.92 and is currently trading up at 80.13, the bias is currently sideways and very volatile.

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Written by Gary


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