Written by Gary
Midday Market Commentary For 06-26-2014
By the noon hour the averages had continued their melt-up from the morning lows, but remained in the red and the DOW easing up to -75.00.
Afternoon is looking to put more negative pressure on the markets to at least do the consolidating thing.
The sell-off this morning is because a top Fed official told FOX Business, "the central bank could begin hiking rates as soon as the first quarter of next year". The Dow was down 117 points, or 0.69% at one point and the other major averages were charting similar patterns before reversing course.
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 14.73. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 48 % buy. Investing.com members' sentiments are 59 % bearish and Investors Intelligence sets the breath at 68.5 % bullish with the status at Bear Correction.
The markets are still susceptible to climbing on 'Bernankellen' vapor, use caution!
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 16789 down 79 or -0.47%.
The SP500 is at 1951 down 9 or -0.45%.
SPY is at 194.75 down 0.83 or -0.42%.
The $RUT is at 1177 down 6 or -0.51%.
NASDAQ is at 4362 down 17 or -0.40%.
NASDAQ 100 is at 3811 down 16 or -0.42%.
$VIX 'Fear Index' is at 11.95 up 0.36 or 3.11%. 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 net negative and the current bias is positive.
WTI oil is trading between 106.77 (resistance) and 105.04 (support) today. The session bias is negative and is currently trading up at 105.27.
Brent Crude is trading between 114.17 (resistance) and 113.11 (support) today. The session bias is negative and is currently trading up at 113.34.
Maybe I'm Wrong - Justifying $2,000+ Gold by Jeffrey Dow Jones
Gold rose from 1306.96 earlier to 1319.27 and is currently trading down at 1316.40. The current intra-session trend is sideways and volatile.
Dr. Copper is at 3.171 rising from 3.150 earlier.
The US dollar is trading between 80.44 and 80.19 and is currently trading down at 80.29, the bias is currently negative. (Gap at 80.32 indicating a positive movement back upwards which has occurred as predicted yesterday.)
Real Time Market Numbers
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
Written by Gary