Midday Market Commentary For 04-02-2013
Markets continue to post high marks as they stay solidly in the green although the volume has fallen to anemic levels.
That is a bit worrying as usually new highs call in the ‘sheeples’ to push it even higher. My proprietary indicators have remained in the red for the ENTIRE session and that is especially concerning. For now I think the HFT computers are running the show melting the numbers upward.
What we read this morning.
Eurozone PMI contraction deepens.
Eurozone manufacturing PMI dropped to a three-month low of 46.8 (flash 46.6) in March from 47.9 in February, as a fall in output and new orders gathered pace and brought further job losses. Eurozone countries either experienced sharper rates of decline or – in the cases of Germany and Ireland – slid back into contraction.
Factory Orders “Saved By The Transports”; Annual Increase Barely Positive
Stockton cleared for bankruptcy protection.
Eurozone unemployment stays at record high.
As forecast, eurozone unemployment remained unchanged on the month in February at 12%, although that’s somewhat greater than the 10.9% rate a year earlier. As you’d expect, the highest jobless levels were in Greece (26.4%) and Spain (26.3%) respectively, while Austria (4.8%) and Germany (5.4%) enjoyed the lowest unemployment.
The DOW at 12:15 is at 14669 up 95 or 0.66%.
The SP500 is at 1572 up 11 or 0.68%.
SPY is at 157.10 up 1.05 or 0.67%.
The $RUT is at 941.29 up 2.50 or 0.27%.
NASDAQ is at 3266 up 27 or 0.83%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish to scary and the current bias is sideways.
WTI oil is trading between 97.24 and 95.92 today. The session bias is bearish and is currently trading up at 96.78.
More Widening For The Brent/WTI Spread Ahead?
Brent crude is trading between 111.50 and 109.80 today. The session bias is bearish and is currently trading down at 110.03.
Gold fell from 1604.00 earlier to 1577.35 and is currently trading down at 1577.90.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.38 falling from 3.40 earlier.
The US dollar is trading between 82.63 and 83.08 and is currently trading up at 83.01, the bias is currently bullish.
** RRR = Risk Reward Ratio
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Written by Gary
