Midday Market Commentary For 04-11-2013
By noon time the markets had peaked and were slowly drifting down, maybe it is just a breather. The volume levels remained in the moderate zone for most of the morning but have fallen to the sessions lowest levels meaning the HFT computers will will melt it up again.
My proprietary indicators have turned solid bear (red) by 3 digits and unusual in that it is very much opposite the market euphoria going on right now. Consider sitting this one out and selling some of your dogs.
What we read this morning:
The DOW at 12:00 is at 14860 up 55 or 0.37%.
The SP500 is at 1593 up 5 or 0.34%.
SPY is at 159.23 up 0.54 or 0.34%.
The $RUT is at 948.77 up 2.63 or 0.28%.
NASDAQ is at 3296 down 0.62 or -0.02%.
NASDAQ 100 is at 2854 down 5 or -0.18%. (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 bullish and the current bias is down.
WTI oil is trading between 94.64 and 92.15 today. The session bias is bearish and is currently trading down at 93.33.
Brent crude is trading between 106.00 and 104.10 today. The session bias is negative and is currently trading down at 104.42.
Gold rose from 1553.21 earlier to 1568.38 and is currently trading sideways at 1564.73.
Dr. Copper is at 3.42 rising from 3.39 earlier.
The US dollar is trading between 82.68 and 82.15 and is currently trading up at 82.24, the bias is currently bearish.
** RRR = Risk Reward Ratio
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Written by Gary