Written by Gary
Midday Market Commentary For 07-02-2014
By noon gold is up and oil is sliding downward at a very rapid rate while the US dollar is relatively quiet and trading sideways for now.
The averages have been trading in a very narrow zone for most of the morning remaining for the most part in the green on anemic volume. Apparently investors are either very worried or have left town for the July 4th Holiday. In either case be ready for a sudden reversal that could wipe out a lot of gains in a heartbeat.
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 15.26. I would advise caution in taking any position during this volatile period.
Barchart.com shows a 88 % buy. Investing.com members' sentiments are 61 % bearish and Investors Intelligence sets the breath at 69.4 % bullish with the status at Bear Correction. (Click Here to see chart.)
StockChart.com NYSE Bullish Percent Index ($BPNYA) is at 74.34.
StockChart.com S&P 500 Bullish Percent Index ($BPSPX) is at 83.60.
(Click on $BPNYA or $BPSPX to see chart based on yesterday's closing)
The markets are still susceptible to climbing on 'Bernankellen' vapor, use caution!
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The DOW at 12:00 is at 16965 up 10 or 0.03%.
The SP500 is at 1975 up 1.36 or 0.07%.
SPY is at 197.24 up 0.21 or 0.11%.
The $RUT is at 1203 down 2.46 or -0.20%.
NASDAQ is at 4463 up 4 or 0.09%.
NASDAQ 100 is at 3900 up 6 or 0.15%.
$VIX 'Fear Index' is at 10.75 down 0.40 or -3.59%. 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 flat.
WTI oil is trading between 105.51 (resistance) and 104.47 (support) today. The session bias is negative and is currently trading down at 104.56.
Brent Crude is trading between 112.41 (resistance) and 111.24 (support) today. The session bias is negative and is currently trading down at 111.28.
Maybe I'm Wrong - Justifying $2,000+ Gold by Jeffrey Dow Jones
Gold rose from 1322.22 earlier to 1332.42 and is currently trading up at 1329.90. The current intra-session trend is trending up, expect volatility.
Dr. Copper is at 3.261 rising from 3.183 earlier.
The US dollar is trading between 80.02 and 79.83 and is currently trading up at 79.99, the bias is currently positive, trending sideways.
Real Time Market Numbers
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Written by Gary