Midday Market Commentary For 03-13-2013
By noon major averages were back in the green but flat as a pancake averaging around +0.05%. A brief burst of buying started at noon melting the indices up to the morning highs and are currently backing down, albeit slowly.
I can’t forecast direction because of the low volume and general lackluster activity. I do not expect any new highs to be made today in regard to the major averages, just not in the cards.
Flat is the keyword for the indices.
The DOW at 12:30 is at 14461 up 12 or 0.08%.
The SP500 is at 1554 up 2 or 0.12%.
SPY is at 155.88 up 0.12 or 0.13%.
The $RUT is at 942.64 up 2.39 or 0.25%.
NASDAQ is at 3244 up 2 or 0.07%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is up.
WTI oil is trading between 90.95 and 93.45 today. The session bias is bearish and is currently trading down at 92.46.
More Widening For The Brent/WTI Spread Ahead?
Brent crude is trading between 107.70 and 110.17 today. The session bias is bearish and is currently trading down at 107.82.
Gold rose from 1575.85 earlier to 1598.95 and is currently trading down at 1587.15.
Dr. Copper is at 3.53 down from 3.57 earlier.
The US dollar is trading between 82.60 and 83.30 and is currently trading down at 83.19, the bias is currently bullish.
** RRR = Risk Reward Ratio
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Written by Gary
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