Market Commentary: Averages Reverse Course Slide To The Negative Side

June 16th, 2014
in Gary's blogging, midday post

Written by

Midday Market Commentary For 06-16-2014

Did we just witness a bull trap some investors were worried about this morning or is this Mr. Market giving us the finger and plans to move the markets back up?

By noon the averages had fallen into the red and down -0.20% on falling volume. Who is moving this market anyway? Low volume moves markets higher and then lower is scaring a lot of investors right now. For those who have not moved out of risky securities to cash, I bet they are considering that option now.

Follow up:

The short term indicators are leaning towards the hold side at the midday and it appears we are back, once again in a sideways channel. However, 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 15.15. I would advise caution in taking any position during this volatile transition period although shows a 16 % buy. (up from 0% hold this morning) members' sentiments are 67 % bearish and Investors Intelligence sets the breath at 67.3 % 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 12:00 is at 16730 down 45 or -0.27%.

The SP500 is at 1933 down 2 or -0.17%.

SPY is at 193.84 down 0.27 or -0.14%.

The $RUT is at 1161 down 2 or -0.16%.

NASDAQ is at 4304 down 6 or -0.14%.

NASDAQ 100 is at 3768 down 7 or -0.20%.

$VIX 'Fear Index' is at 12.68 up 0.50 or 4.11%. Bearish 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 net negative and the current bias is negative.

How Oil Really Gets Priced

WTI oil is trading between 107.01 (resistance) and 106.05 (support) today. The session bias is trending sideways and is currently trading up at 106.36.

Brent Crude is trading between 113.21 (resistance) and 112.23 (support) today. The session bias is trending upwards and is currently trading up at 113.03.

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

Gold Rebounds, And It Just Might Continue by Tim Iacono

Gold fell from 1285.11 earlier to 1272.95 and is currently trading down at 1274.70. The current intra-session trend is negative.

Analysts forecast a corrosive year for copper prices

Dr. Copper is at 3.053 rising from 3.024 earlier.

The US dollar is trading between 80.81 and 80.50 and is currently trading down at 80.52, the bias is currently negative and volatile.

Real Time Market Numbers

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

Written by Gary

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