Market Commentary: SP500 Post New Historical High On Anemic Volume

June 4th, 2014
in Gary's blogging, midday post

Written by

Midday Market Commentary For 06-04-2014

The SP500 posted new highs (1927.61) on low volume and on very low volume, so what is going investors are asking? Is this the windup pitch before a bases-loaded home run or an investor shutout? The Wall Street Manipulators and the HFT algo computers are pushing buttons on this one and a few savvy investors are getting nervous.

By noon the 500 and DOW were trading quietly sideways and the small caps were trending upwards. Volume is low to anemic and once again the caution flags are out.


Follow up:

This is truly a casino market as none of this makes any sense except that it is market manipulation at its best.

Stocks Levitate To New Record Highs As GDP Expectations Slide

Bad news is absolutely great news this morning it would seem.

Just as we noted (ironically) this morning, equity algos appeared set for new highs no matter how terrible (or good) data was... and sure enough, the S&P 500 is testing its record highs once again...

With Q1 GDP expectations plunging and even the hopeful hockey-stick of Q2's resurgence are now being chipped away as one sell-side economist after another folds...

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 13.62. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 16 % sell. Investing.com members' sentiments are 67 % 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 16727 up 5 or 0.03%.

The SP500 is at 1927 up 3 or 0.15%.

SPY is at 193.14 up 0.34 or 0.17%.

The $RUT is at 1130 up 4 or 0.38%.

NASDAQ is at 4251 up 17 or 0.41%.

NASDAQ 100 is at 3744 up 14 or 0.38%.

$VIX 'Fear Index' is at 11.99 up 0.12 or 1.01%. Neutral Movement

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

The longer trend is up, the past months trend is positive, the past 5 sessions have been positive (starting to roll over?) and the current bias is positive and volatile.

How Oil Really Gets Priced

WTI oil is trading between 103.64 (resistance) and 102.57 (support) today. The session bias is negative and volatile and is currently trading down at 102.75.

Brent Crude is trading between 109.49 (resistance) and 108.44 (support) today. The session bias is negative and volatile and is currently trading up at 108.61.

Maybe I'm Wrong - Justifying $2,000+ Gold by Jeffrey Dow Jones

Gold fell from 1248.98 earlier to 1243.49 and is currently trading down at 1244.40. The current intra-session trend is negative and volatile.

Analysts forecast a corrosive year for copper prices

Dr. Copper is at 3.092 falling from 3.142 earlier.

The US dollar is trading between 80.70 and 80.50 and is currently trading up at 80.64, the bias is currently sideways and volatile.

Real Time Market Numbers

 

 

Leading Stock Quotes powered by Investing.com

 

 

To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

 

Written by Gary

 









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