Midday Market Commentary For 03-27-2013
Markets closed mostly mixed and flat. As I mentioned this morning there was a high probability of a market melting up to cover the many, many gaps made when the Indices opened this morning.
Today’s volume was light to moderate and because tomorrow is the last day of the week, I suspect it will be light – UNLESS there is a run on the Cyprus banks. Supposedly the capital controls will prevent that.
It will come as no surprise that the US equity market this week has been bought on every dip but a glance at the following chart must leave one asking the question – who (or what) is buying?
The huge volumes that the market has seen when selling occurs dwarves the miniscule (mostly after-hours) volume that occurs during the ramps. Of course, the slow drift higher is evident also – as $85bn a month spills out day after day.
Meanwhile Treasury bonds have handily outperformed since the 3/15 Cyprus headlines hit – 10Y up 1.25% against unchanged for the S&P 500.
The DOW at 4:00 is at 14526 down 33 or -0.23%.
The SP500 is at 1562 down 0.92 or -0.06%.
SPY is at 156.04 down 0.15 or -0.10%.
The $RUT is at 950.24 up 0.42 or 0.04%.
NASDAQ is at 3256 up 4 or 0.12%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been neutral to bearish and the current bias is up.
WTI oil is trading between 93.50 and 96.22 today. The session bias is bullish and is currently trading up at 96.51.
More Widening For The Brent/WTI Spread Ahead?
Brent crude is trading between 108.10 and 109.82 today. The session bias is bullish and is currently trading down at 109.51.
Gold rose from 1591.20 earlier to 1607.75 and is currently trading down at 1605.11.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.45 down from 3.47 earlier.
The US dollar is trading between 82.88 and 83.50 and is currently trading sideways at 83.43, the bias is currently bullish.
The 500 at the close.
The DOW at the close.
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Written by Gary
