Written by Gary
Midday Market Commentary For 06-11-2014
Morning negative action could be working off overbought conditions due to recent climbing markets. Whatever the reason, I would be cautious in setting any plan of action into cement as there are way too many negative's out there.
By noon volume was low but not anemic, averages were mixed with the $NDX in the green (for a moment) and everything else in the red in varying degrees of losses with the $RUT off the most. The bull hasn't rolled over and the bears out there are still cowering in the dark shadows ready to pounce. I would be careful at this time.
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 flat, but remains above zero at 18.77. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 16 % buy. (down from 32% buy this morning) Investing.com members' sentiments are 68 % bearish and Investors Intelligence sets the breath at 67.2 % bullish with the status at Bear Correction.
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 16864 down 82 or -0.49%.
The SP500 is at 1946 down 5 or -0.29%.
SPY is at 195.01 down 0.59 or -0.31%.
The $RUT is at 1168 down 5 or -0.44%.
NASDAQ is at 4335 down 3 or -0.07%.
NASDAQ 100 is at 3801 down 0.13 or 0.00%.
$VIX 'Fear Index' is at 11.22 up 0.23 or 2.18%. Bullish 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 and the current bias is depressed and sideways.
WTI oil is trading between 104.79 (resistance) and 104.30 (support) today. The session bias is mixed and volatile and is currently trading down at 104.52.
Brent Crude is trading between 109.57 (resistance) and 108.78 (support) today. The session bias is volatile and sideways and is currently trading up at 109.30.
Maybe I'm Wrong - Justifying $2,000+ Gold by Jeffrey Dow Jones
Gold rose from 1259.22 earlier to 1265.31 and is currently trading down at 1261.50. The current intra-session trend is sideways and volatile.
Dr. Copper is at 3.046 falling from 3.070 earlier.
The US dollar is trading between 80.91 and 80.69 and is currently trading down at 80.75, the bias is currently depressed, volatile and sideways.
Real Time Market Numbers
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
Written by Gary