Market Commentary: Anemic Volume, New Session Highs And Concerned Investors

May 19th, 2014
in Gary's blogging, midday post

Written by

Midday Market Commentary For 05-19-2014

Today is not the classic pump-n-dump but more of cleaning out the markets shorter's. Averages melted up to new session highs around 11 am and then settled into another sideways trading zone on falling volume.

By noon volume had fallen to anemic levels, the $VIX was back down at 12.35 and the averages looked like they running on fumes. Well, where is the market going, inquires investors?

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 down, but remains above zero at 5.34. I would advise caution in taking any position during this volatile transition period although shows a 72 % buy. (Could be right.) members' sentiments are 65 % 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 16515 up 24 or 0.14%.

The SP500 is at 1884 up 6 or 0.32%.

SPY is at 188.65 up 0.60 or 0.32%.

The $RUT is at 1113 up 11 or 0.95%.

NASDAQ is at 4124 up 34 or 0.82%.

NASDAQ 100 is at 3614 up 27 or 0.76%.

$VIX 'Fear Index' is at 12.33 down 0.11 or -0.88%. 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 net loss and the current bias is elevated and sideways.

How Oil Really Gets Priced

WTI oil is trading between 102.47 (resistance) and 101.52 (support) today. The session bias is sideways and volatile and is currently trading up at 102.25.

Brent Crude is trading between 110.32 (resistance) and 109.38 (support) today. The session bias is negative and volatile and is currently trading down at 109.61.

Gold rose from 1289.54 earlier to 1305.59 and is currently trading down at 1296.40. The current intra-session trend is negative.

Analysts forecast a corrosive year for copper prices

Dr. Copper is at 3.167 rising from 3.140 earlier.

The US dollar is trading between 80.12 and 79.93 and is currently trading down at 80.01, the bias is currently negative and volatile.

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Written by Gary


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