Midday Market Commentary For 03-28-2013
What a difference an hour can have. The averages were headed fro a directionless, flat and generally uninspiring session and ‘somehow’ the markets melt up to new highs.
By noon the DOW and SP500 had backed off their new highs along with the other major averages that were higher for the session. Red volume is not at all exceptional, but is higher than the lows normal at this time of day. We have seen this type of action before.
The session makes a new high, closes lower and several sessions down the road melts up higher squeaking out a new high. Just putting off the inevitable I think.
Interesting market today as it is supposedly supposed to be slow and directionless. News is also not exactly good and yet the markets melt up to new highs; suspicious of manipulation? You bet it is.
The S&P 500 ticked up above its record closing high of 1565.15 set in October 2007, joining the Dow Jones Industrial Average in chartering new territory in the latest sign Wall Street is putting the financial crisis behind it.
The Institute for Supply Management-Chicago’s PMI gauge fell to 52.4 in March from 56.8 in February, missing the 56.5 reading economists forecast. Readings above 50 point to expansion in the Midwest manufacturing sector, while those below indicate contraction.
“Run for the hills,” says Jim Rogers, busy making sure all of his bank accounts are within guaranteed levels. With the IMF and the EU saying its ok to loot bank accounts, a precedent has been set, he says, and the next country getting in trouble will point to Cyprus and do the same thing. “What more do you need to know … the gall of these politicians.”
The DOW at 12:15 is at 14551 up 25 or 0.17%.
The SP500 is at 1565 up 1.97 or 0.13%.
SPY is at 156.30 up 0.11 or 0.07%.
The $RUT is at 949.48 down 0.75 or -0.08%.
NASDAQ is at 3256 up 0.27 or 0.01%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been neutral and the current bias is neutral with a bearish slant.
WTI oil is trading between 95.50 and 96.96 today. The session bias is neutral and is currently trading down at 96.60.
Brent crude is trading between 109.88 and 108.70 today. The session bias is negative and is currently trading down at 108.89.
Gold fell from 1606.90 earlier to 1695.10 and is currently trading down at 1596.81.
Dr. Copper is at 3.42 down from 3.46 earlier.
The US dollar is trading between 83.46 and 83.01 and is currently trading up at 83.15, the bias is currently bearish.
** RRR = Risk Reward Ratio
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Written by Gary
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