Written by Gary
Midday Market Commentary For 07-11-2014
Slow Friday as the market breath narrows and the volume falls off to anemic, but what's new?
By noon the markets were moving sluggishly like the beginning of a Holiday weekend, which it isn't for the uninformed. I don't expect any fireworks in the afternoon session, but with all the action going on in the Middle East, Portugal and the Ukraine, one can never be too sure.
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 11.86. I would advise caution in taking any position during this volatile period.
Barchart.com shows a 88 % buy. ( At 88% for the last 4 sessions - meter broken?) Investing.com members' sentiments are 58 % bearish and Investors Intelligence sets the breath at 68.0 % bullish with the status at Bear Correction. (Chart Here *)
The markets are still susceptible to climbing on 'Bernankellen' vapor, use caution!
Be sure to read the weekend edition tomorrow morning, The Straw That Broke The Camels Back.
The DOW at 12:30 is at 16893 down 22 or -0.13%.
The SP500 is at 1963 down 2 or -0.11%.
SPY is at 196.13 down 0.21 or -0.11%.
The $RUT is at 1158 down 4 or -0.34%.
NASDAQ is at 4403 up 7 or 0.16%.
NASDAQ 100 is at 3893 up 13 or 0.33%.
$VIX 'Fear Index' is at 12.51 down 0.08 or -0.64%. 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 down and trading sideways.
WTI oil is trading between 102.91 (resistance) and 101.21 (support) today. The session bias is negative and is currently trading down at 101.28.
Brent Crude is trading between 108.74 (resistance) and 106.87 (support) today. The session bias is negative and is currently trading down at 106.92.
Maybe I'm Wrong - Justifying $2,000+ Gold by Jeffrey Dow Jones
Gold fell from 1340.29 earlier to 1334.91 and is currently trading up at 1337.50. The current intra-session trend is sideways.
Dr. Copper is at 3.271 rising from 3.246 earlier.
The US dollar is trading between 80.27 and 80.06 and is currently trading down at 80.25, the bias is currently elevated and quiet.
Real Time Market Numbers
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Written by Gary