Market Commentary: Markets Make Session Double Top And Melt Down Fractionally

July 9th, 2014
in Gary's blogging, midday post

Written by

Midday Market Commentary For 07-09-2014

Markets made a sneak attack on the morning high only to be turned away making a double-top.

By noon the averages were elevated, but trading sideways on anemic volume awaiting the FOMC minutes to be released later this afternoon. We might see action after the release, but the minutes are expected to be positive and I guess Mr. Market needs an excuse to move the numbers higher.

Follow up:

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 down, but remains above zero at 13.94. I would advise caution in taking any position during this volatile period. shows a 88 % buy. (This has been at 88% for the last three sessions, their meter may be broken.) members' sentiments are 58 % bearish and Investors Intelligence sets the breath at 69 % bullish with the status at Bear Correction. (Chart Here *)

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 16939 up 33 or 0.20%.

The SP500 is at 1969 up 5 or 0.25%.

SPY is at 196.72 up 0.48 or 0.24%.

The $RUT is at 1173 up 1 or 0.07%.

NASDAQ is at 4410 up 18 or 0.42%.

NASDAQ 100 is at 3885 up 21 or 0.56%.

$VIX 'Fear Index' is at 11.78 down 0.20 or -1.67%. 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 elevated, but trending sideways.

How Oil Really Gets Priced

WTI oil is trading between 103.58 (resistance) and 102.29 (support) today. The session bias is negative and volatile and is currently trading down at 102.39.

Crude oil slips closer to $103 a barrel on Libya supply boost ahead of US stockpile data

Brent Crude is trading between 109.02 (resistance) and 108.21 (support) today. The session bias is negative and volatile and is currently trading down at 108.47.

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

Gold rose from 1318.82 earlier to 1328.35, reversed direction and is currently trading up at 1323.80. The current intra-session trend is net sideways.

Analysts forecast a corrosive year for copper prices

Dr. Copper is at 3.253 falling from 3.274 earlier.

The US dollar is trading between 80.27 and 80.06 and is currently trading up at 80.13, the bias is currently positive and volatile. 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. It has covered that gap and is now moving upwards.

Real Time Market Numbers

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To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

Written by Gary

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