Market Commentary: Averages Remain In narrow Trading Range On low volume

June 30th, 2014
in Gary's blogging, midday post

Written by

Midday Market Commentary For 06-30-2014

Markets have been sea-sawing all morning on low to anemic volume in a narrow range near Friday's closing numbers.

By noon markets were looking weak and lackluster, but Mr Market could throw investors a curve ball and send the averages out into left field, meaning this market could go either way. Emphasis is on the down side many investors are thinking, but that may be wishful thinking say the bullish side. I say caution and sit on your hands.


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The End Of The Month Is Near!

Stocks are little changed at start of holiday-shortened week; S&P 500 set to end quarter up

NEW YORK (AP) - Stocks are little changed in midday trading as the market heads for a modest gain for June. The Dow Jones industrial average lost 15 points, or 0.1 percent, to 16,836 as of noon Eastern Time Monday.

The Standard & Poor's 500 index was flat at 1,961. The Nasdaq composite edged up eight points, or 0.2 percent, to 4,405. The S&P 500 ended last week with a slight loss but is still up nearly 2 percent in June.

Paint maker PPG Industries rose 3 percent after announcing plans to buy Mexico's Consorcio Comex.

Global stock markets subdued as investors prepare for major economic releases

SEOUL, South Korea (AP) - World stock markets were subdued on Monday as investors prepared for a busy week of economic news that will give new clues about the strength of the global recovery.

In Europe, Britain's FTSE closed down 0.2 percent at 6,743.94 and France's CAC 40 shed 0.3 percent to 4,422.84 while Germany's DAX added 0.2 percent to 9,833.07.

A report showing inflation in the eurozone remained at a low 0.5 percent failed to shake markets as it is unlikely to affect the European Central Bank's policy decisions at its meeting this week. Trading was tepid on Wall Street as well, despite data showing pending home sales rose sharply in May.

The Dow was down 0.1 percent at 16,843.27 and the S&P 500 was little changed at 1,961.67. Trading this week is likely to turn on data from China and the U.S. and the ECB meeting.

Last week, Asian stock markets were buffeted by weak U.S. consumer spending and sluggish growth in Chinese industrial profits.

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 14.52. I would advise caution in taking any position during this volatile period.

Barchart.com shows a 88 % buy. Investing.com members' sentiments are 59 % bearish and Investors Intelligence sets the breath at 68.7 % bullish with the status at Bear Correction.

StockChart.com NYSE Bullish Percent Index ($BPNYA) is at 73.80.

StockChart.com S&P 500 Bullish Percent Index ($BPSPX) is at 83.00.

(Click on $BPNYA or $BPSPX to see chart)

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 16836 down 14 or -0.08%.

The SP500 is at 1961 up 0.25 or 0.01%.

SPY is at 195.84 up 0.03 or 0.02%.

The $RUT is at 1189 down 0.93 or -0.08%.

NASDAQ is at 4406 up 8 or 0.19%.

NASDAQ 100 is at 3852 up 1 or 0.19%.

$VIX 'Fear Index' is at 11.45 up 0.19 or 1.69%. Neutral Movement

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

The longer trend is up, the past months trend is up, the past 5 sessions have been net neutral and the current bias is elevated and sideways.

How Oil Really Gets Priced

WTI oil is trading between 105.72 (resistance) and 105.09 (support) today. The session bias is negative and is currently trading down at 105.22.

Brent Crude is trading between 112.80 (resistance) and 112.25 (support) today. The session bias is negative and is currently trading down at 112.34.

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

Gold rose from 1311.20 earlier to 1319.77 and is currently trading down at 1319.40. The current intra-session trend is positive.

Analysts forecast a corrosive year for copper prices

Dr. Copper is at 3.205 rising from 3.163 earlier.

The US dollar is trading between 80.08 and 79.79 and is currently trading down at 79.85, the bias is currently negative.

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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