Midday Market Commentary For 03-20-2013
Markets have moved sideways after the gap up opening amid falling volume. We should see some sort of market movement in a couple of hours as the FOMC gets underway. Then again maybe we won’t as lately there is no way to judge Mr. Markets moods. The investor mood is skittish and it won’t take much to them join the bands of bears on a moments notice.
By noon the averages settled into a tight and narrow trading range awaiting the FOMC rate decision, if any.
Any trades today will probably end up on the meager side of profitability if you are lucky as most trades have been less than optimal during the past several years.
I also have continuing issues with some pundits, writing almost every day, that there are setups for day trading. Best Stock Market Indicator Ever: Rises to 91% and Secondaries Confirm “Tradable” This might be true (and difficult to believe), but challenging to deal with.
The DOW at 12:00 is at 14512 up 56 or 0.39%.
The SP500 is at 1556 up 7 or 0.49%.
SPY is at 155.38 up 0.77 or 0.50%.
The $RUT is at 947.74 up 5 or 0.52%.
NASDAQ is at 3241 up 12 or 0.39%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been neutral and the current bias is sideways with a bearish slant.
WTI oil is trading between 92.02 and 93.18 today. The session bias is bullish and is currently trading down at 92.47.
Brent crude is trading between 106.85 and 108.09 today. The session bias has turned bearish and is currently trading down at 107.52.
Gold fell from 1615.10 earlier to 1606.00 and is currently trading down at 1607.20.
Dr. Copper is at 3.45 rising from 3.39 earlier.
The US dollar is trading between 83.31 and 82.78 and is currently trading up at 82.88, the bias is currently bearish.
** RRR = Risk Reward Ratio
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Written by Gary