Midday Market Commentary For 03-14-2013
By noon the averages appeared to be gathering steam in another attempt to best their high marks from this morning as they are melting upward, however on low volume.
All is relatively quiet with the major averages ‘floating’ just below the morning highs. $RUT is still melting up with a new high of 949.35. Where all of this is going is anyone’s guess.
I am not sure I would ever go long on Carnival (CCL).
Carnival Becoming A Circus As Another Cruise Ship Suffers “Power Outages, Overflowing Toilets”
While “this time may be different” for the centrally-planned stock market, every historic example of subsequent ruin notwithstanding, the very recent past is again hitting Carnival Cruise Lines with a vengeance, as one short month after its disabled [Triumph] cruise ship fiasco, in which passengers were trapped on board a filthy ship for five days, the cruise company is forced to suffer through a very humiliating case of deja vu.
Reuters reports, “A Carnival Cruise Lines ship was stuck at port in St. Maarten in the Caribbean on Thursday with equipment trouble, a month after another Carnival vessel was disabled in the Gulf of Mexico by a fire, trapping thousands of passengers for nearly five days.
The captain of the Carnival Dream reported a problem with the emergency diesel generator, which controls the ship’s propulsion, a U.S. Coast Guard spokesman said. “Right now the passengers are being kept on board the ship for accountability reasons,” Doss said. “They were scheduled to leave today so the captain has decided to have everybody remain on board at this time.
CNN reported that passengers aboard the Carnival Dream had contacted the cable news channel complaining of power outages and overflowing toilets, tales reminiscent of the troubles on the Carnival Triumph.”
And to think the passengers could have just stayed home, opened their E-trade accounts, BTFD, and basked in the glow of the wealth effect, knowing full well at the current rate of Fed liquidity injections they could all soon afford their own private island.
The DOW at 12:00 is at 14513 up 58 or 0.40%.
The SP500 is at 1560 up 6 or 0.38%.
SPY is at 156.24 up 0.33 or 0.21%.
The $RUT is at 949.29 up 5.38 or 0.57%.
NASDAQ is at 3255 up 10 or 0.31%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is down.
WTI oil is trading between 93.45 and 91.98 today. The session bias is bullish and is currently trading up at 92.81.
More Widening For The Brent/WTI Spread Ahead?
Brent crude is trading between 107.35 and 108.57 today. The session bias is bullish and is currently trading down at 108.23.
Gold rose from 1577.25 earlier to 1588.00 and is currently trading up at 1589.90.
Dr. Copper is at 3.53 up from 3.52 earlier.
The US dollar is trading between 82.97 and 83.42 and is currently trading up at 83.06, the bias is currently negative.
** RRR = Risk Reward Ratio
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Written by Gary
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