Market Commentary: New Highs Again, Most Trading In narrow Band On Anemic Volume

July 3rd, 2014
in Gary's blogging, midday post

Written by

Midday Market Commentary For 07-03-2014

More new highs for the averages as the SP500 marks 1984.21 and the DOW melts up to 17068.34 on below average volume. It doesn't take much brain power to figure out the Wall Street Mechanics are playing with the numbers and probably the 'Sheeples' are clamoring to get aboard the train.

Follow up:

The news reports lately are excellent, in fact they are too good!

Rising stock and bond markets globally push most mutual funds higher in second quarter

NEW YORK (AP) - Go ahead and open the latest quarterly statements from your mutual funds when they arrive. It'll likely be painless, just like it was a quarter ago.

And the quarter before that. And the quarter before that. Nearly all types of mutual funds made money last quarter, powered by continued gains in stock and bond markets around the world.

Everything from plain-vanilla bond funds to broad stock index funds to potentially risky emerging-market stock funds rose from April through June. Of the 105 fund categories that Morningstar tracks, 99 posted gains in the second quarter.

And the handful that lost money are generally niche funds that rarely play more than a supporting role in an investor's portfolio. That means making money was easy last quarter for most mutual fund investors

The medium 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 16.04. I would advise caution in taking any position during this volatile period. shows a 88 % buy. members' sentiments are 61 % bearish and Investors Intelligence sets the breath at 64.9 % bullish with the status at Bear Correction. (Chart Here) NYSE Bullish Percent Index ($BPNYA) is at 74.34. S&P 500 Bullish Percent Index ($BPSPX) is at 83.80.

(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!

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 17060.98 up 85 or 0.50%.

The SP500 is at 1983 up 9 or 0.45%.

SPY is at 198.15 up 0.92 or 0.47%.

The $RUT is at 1207 up 7 or 0.61%.

NASDAQ is at 4482 up 24 or 0.54%.

NASDAQ 100 is at 3918 up 19 or 0.48%.

$VIX 'Fear Index' is at 10.41 down 0.41 or -3.79%. 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 positive.

How Oil Really Gets Priced

WTI oil is trading between 104.14 (resistance) and 103.66 (support) today. The session bias is volatile and trending lower and is currently trading up at 103.77.

Brent futures continue to fall

Brent Crude is trading between 110.94 (resistance) and 110.55 (support) today. The session bias is volatile and neutral and is currently trading down at 110.72.

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

Gold fell from 1324.23 earlier to 1311.10 and is currently trading down at 1319.80. The current intra-session trend is neutral and sideways.

Analysts forecast a corrosive year for copper prices

Dr. Copper is at 3.278 rising from 3.246 earlier.

The US dollar is trading between 80.05 and 80.53 and is currently trading down at 80.28, the bias is currently quiet and sideways. Earlier the Dollar gaped up 0.11 cents to 80.21 and then climbed higher to 80.53. Following that excitement the dollar fell back 0.24 cents to settle in for some sideways trading. There is a gap that will be filled in sooner than later that requires the Dollar to retrace its numbers back down to 80.10.

Real Time Market Numbers



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Written by Gary


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