Market Commentary: Markets Fractionally Trending Up From Morning Lows Market Commentary:

July 21st, 2014
in Gary's blogging, midday post

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Midday Market Commentary For 07-21-2014

Noonday markets are more or less where they were when the markets opened with the small caps down the least.

By 12 pm the averages were trending upwards but still in the red over -0.30%. The volume this morning was low to moderate and now it is falling once again to anemic levels as investors remain skittish about Mr. Market's next move.

Follow up:

Markets may be down today, but it is only temporary most analysts say.

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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 9.28. I would advise caution in taking any position during this uncertain period. shows a 88 % buy. (Been at 88% for the last 7 sessions, I think their meter is broken) members' sentiments are 58 % bearish and Investors Intelligence sets the breath at 66.6 % bullish with the status at Bear Correction. (Chart Here ) NYSE Bullish Percent Index ($BPNYA) is at 71.17. (Chart Here) S&P 500 Bullish Percent Index ($BPSPX) is at 82.80. (Chart Here) Consumer Discretionary ETF (XLY) is at 67.10. (Chart Here)

Chris Ciovacco says, "As long as the consumer discretionary ETF (NYSEARCA:XLY) holds above 67.06, all things being equal, it is a good sign for stocks and the U.S. economy." (Actually the support looks to be in the 66.88 range)

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 12:30 is at 17030 down 71 or -0.41%.

The SP500 is at 1970 down 8 or -0.40%.

SPY is at 196.88 down 0.83 or -0.42%.

The $RUT is at 1143 down 9 or -0.78%.

NASDAQ is at 4414 down 18 or -0.40%.

NASDAQ 100 is at 3927 down 13 or -0.33%.

$VIX 'Fear Index' is at 13.07 up 1.01 or 8.37%. 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 sideways and the current bias is depressed and fractionally trending up.

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

WTI oil is trading between 102.46 (resistance) and 101.47 (support) today. The session bias is positive and is currently trading down at 102.37. (Gap at 102.97, expect WTI to move up)

Brent Crude is trading between 107.54 (resistance) and 106.79 (support) today. The session bias is fluctuating widely with volatility and is currently trading down at 107.08.

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

Gold fell from 1318.98 earlier to 1311.26 and is currently trading up at 1313.10. The current intra-session trend is down and trending fractionally upward.

Dr. Copper is at 3.197 rising from 3.174 earlier.

The US dollar is trading between 80.66 and 80.48 and is currently trading down at 80.63, the bias is currently sideways and quiet.

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Written by Gary

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