Market Commentary: Markets Headed For Flat Status On Low Volume

July 16th, 2014
in Gary's blogging, midday post

Written by

Midday Market Commentary For 07-16-2014

From the opening the markets have continued to melt down on moderate volume nearing the opening numbers. If this level continues the DOW will close at a new record high.

By noon the $RUT dipped into the red, the $VIX is marking time sideways and Ms. Yellen's dovish remarks are seemingly taking it toll on the averages.

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 11.68. I would advise caution in taking any position during this uncertain period. shows a 88 % buy. (Been at 88% for the last 5 sessions, I think their meter is broken) members' sentiments are 58 % bearish and Investors Intelligence sets the breath at 67.3 % bullish with the status at Bear Correction. (Chart Here ) NYSE Bullish Percent Index ($BPNYA) is at 72.43. (Chart Here ) S&P 500 Bullish Percent Index ($BPSPX) is at 84.60. (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 17121 up 60 or 0.35%.

The SP500 is at 1980 up 6 or 0.33%.

SPY is at 197.86 up 0.64 or 0.32%.

The $RUT is at 1152 down 2 or -0.13%.

NASDAQ is at 4432 up 15 or 0.35%.

NASDAQ 100 is at 3938 up 23 or 0.60%.

The Low Volatility Paradigm And Diminishing Return Expectations

$VIX 'Fear Index' is at 11.36 down 0.60 or -5.02%. 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 positive and the current bias is elevated and trending sideways.

Oil stays near $101 a barrel; US gasoline prices slip to 3-month low

WTI oil is trading between 101.40 (resistance) and 100.42 (support) today. The session bias is positive and is currently trading up at 101.03.

Brent Crude is trading between 107.95 (resistance) and 106.95 (support) today. The session bias is mixed, volatile and is currently trading up at 107.43.

Gold prices sink as worries over Europe that drove prices up last week dissipate

Gold rose from 1295.89 earlier to 1304.19 and is currently trading up at 1302.10. The current intra-session trend is net positive, but trending down.

Dr. Copper is at 3.216 falling from 3.253 earlier.

The US dollar is trading between 80.64 and 80.45 and is currently trading up at 80.61, the bias is currently sideways and quiet.

Real Time Market Numbers

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Written by Gary

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