Midday Market Commentary For 03-21-2013
Manipulation at its best but in a narrow range as volume falls off. The HFT computers are doing what they can to squeeze out pennies melting the markets up in the process. Scary markets right now as we really do not have any certainties where Mr. Market is going to take us.
Data says things are improving, but Black Swans like Cyprus show how easy it is to upset the markets applecart. At this point I do not have a lot of faith in the ability of Mr. Market to survive another body blow.
By noon the averages once again melted upwards but remaining solidly in the flat zone and low volume and perhaps melting down once again.
The DOW at 12:15 is at 14467 down 43 or -0.30%.
The SP500 is at 1553 down 5.76 or -0.37%.
SPY is at 155.03 down 0.66 or -0.42%.
The $RUT is at 947.19 down 4.77 or -0.50%.
NASDAQ is at 3232 down 22 or -0.67%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been neutral and the current bias is down.
WTI oil is trading between 93.80 and 92.68 today. The session bias is bearish and is currently trading up at 93.18.
More Widening For The Brent/WTI Spread Ahead?
Brent crude is trading between 108.22 and 107.51 today. The session bias is bearish and is currently trading down at 107.46.
Gold rose from 1604.50 earlier to 1616.58 and is currently trading up at 1613.52.
Dr. Copper is at 3.43 down from 3.49 earlier.
The US dollar is trading between 82.74 and 83.19 and is currently trading up at 82.94, the bias is currently bullish.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
Written by Gary
