Midday Market Commentary For 03-22-2013
As noon approached the averages continued to slide sideways after a brief run up this morning. Volume remain pathetically low, international news light and the HFT algo computers haven’t done much in the past hour. This is a recipe for a sell off later today just before the closing bell.
By noon the averages were all up because of HFT computers and as many investors have taken the day off early for the weekend. Monday might prove to be an interesting day as Cyprus has to come up with a plan that will secure bailout funding from the IMF. My guess is that it will be delayed in part because of some backroom negations.
The DOW at 12:00 is at 14497 up 76 or 0.53%.
The SP500 is at 1554 up 8.80 or 0.57%.
SPY is at 155.22 up 0.85 or 0.55%.
The $RUT is at 945.27 up 1.33 or 0.14%.
NASDAQ is at 3237 up 14 or 0.45%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been neutral and the current bias is up.
WTI oil is trading between 92.30 and 93.16 today. The session bias is bullish and is currently trading down at 93.03.
Brent crude is trading between 105.50 and 107.33 today. The session bias is bullish and is currently trading down at 107.18.
Gold fell from 1515.70 earlier to 1603.37 and is currently trading down at 1608.20.
Dr. Copper is at 3.46 rising from 3.44 earlier.
The US dollar is trading between 83.01 and 82.44 and is currently trading up at 82.50, the bias is currently bearish.
** RRR = Risk Reward Ratio
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Written by Gary