Written by Gary
Market Commentary:
Midday Market Commentary For 06-17-2014
The noon hour shows the DOW flat and in the red along with the NASDAQ 100. The rest of the major averages are hovering at yesterday’s closing switching back and forth between red and green. Everyone is in a hold position and waiting for a divine wave of Mr. Markets hand to show the direction, unfortunately it could be his middle finger.
I have an uneasy feeling about this market and honestly can’t say with any certainty what is going to happen next. Caution flags are out.
We need a small correction to reset the bull, but I am really afraid that any correction will quickly become deeper than anyone wants to believe and solely because of panic sellers.
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 12.26. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 40 % sell. (up from 24% sell this morning) Investing.com members’ sentiments are 66 % bearish and Investors Intelligence sets the breath at 67.2 % bullish with the status at Bear Correction.
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The DOW at 12:00 is at 16786 up 5 or 0.03%.
The SP500 is at 1940 up 2 or 0.10%.
SPY is at 194.55 up 0.25 or 0.13%.
The $RUT is at 1177 up 10 or 0.90%.
NASDAQ is at 4338 up 17 or 0.39%.
NASDAQ 100 is at 3783 up 3 or 0.09%.
$VIX ‘Fear Index’ is at 12.36 down 0.29 or -2.29%. Neutral Movement
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The longer trend is up, the past months trend is positive, the past 5 sessions have been neutral and the current bias is positive.
WTI oil is trading between 106.67 (resistance) and 105.46 (support) today. The session bias is positive and is currently trading up at 106.42.
Brent Crude is trading between 113.78 (resistance) and 112.16 (support) today. The session bias is positive and is currently trading up at 113.44.
Maybe I’m Wrong – Justifying $2,000+ Gold by Jeffrey Dow Jones
Gold fell from 1273.48 earlier to 1259.79 and has now changed direction currently trading up at 1270.40. The current intra-session trend is positive.
Analysts forecast a corrosive year for copper prices
Dr. Copper is at 3.060 falling from 3.066 earlier.
The US dollar is trading between 80.75 and 80.48 and is currently trading down at 80.71, the bias is currently sideways and quiet.
Real Time Market Numbers
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Written by Gary
