Midday Market Commentary For 04-10-2013
Very strong market place today as the major averages climbed unabated on moderate volume. As the volume fell to normal low readings the indices started to level out with only a hint of climbing higher.
The big question is just how ‘real’ are these new market highs. Many investors are waiting for the other shoe to drop, while the perma bulls say, see, I told you so. Never the less, my proprietary indicators are barely bullish contrary to market sentiment signaling caution.
What we read this morning.
Does the Fed Think Old People Are Really that Stupid?
Global trade to be weaker than expected
Ben Bernanke, the Rodney Dangerfield of Fed Chairmen
Minutes of the Federal Open Market Committee, March 19-20, 2013
The DOW at 12:30 is at 14802 up 127 or 0.87%.
The SP500 is at 1585 up 17 or 1.08%.
SPY is at 158.46 up 1.72 or 1.09%.
The $RUT is at 943.24 up 14 or 1.49%.
NASDAQ is at 3291 up 54 or 1.53%.
NASDAQ 100 is at 2855 up 51 or 1.81%. (A lot of analysts are currently watching the 100.)
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bearish and the current bias is down.
WTI oil is trading between 94.15 and 93.41 today. The session bias is neutral to bullish and is currently trading up at 93.94.
More Widening For The Brent/WTI Spread ahead?
Brent crude is trading between 106.39 and 105.52 today. The session bias is bearish and is currently trading down at 105.42.
Gold fell from 1588.45 earlier to 1567.80 and is currently trading down at 1570.01.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.42 down from 3.45 earlier.
The US dollar is trading between 82.70 and 82.38 and is currently trading up at 82.67, the bias is currently bullish.
** RRR = Risk Reward Ratio
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Written by Gary
