Midday Market Commentary For 04-22-2013
A market ‘dippy-do’ occurred earlier and the averages bounced back to opening numbers, but the market weakness is abound and investors know it. Volume has fallen off to very low levels with occasional spurts of BTFD and profit taking.
By noon the averages were enjoying a melting up to premarket values and the thought of many investors is just how high is Mr. Market going to go today. The market continues to be mixed, flat and the small caps remaining negative.
I suspect we will see the Monday dance where the bears step in and drag the averages down towards the close.
The DOW at 12:15 is at 14518 down 30 or -0.20%.
The SP500 is at 1557 up 2 or 0.15%.
SPY is at 155.70 up 0.22 or 0.14%.
The $RUT is at 910.37 down 2 or -0.23%.
NASDAQ is at 3224 up 18 or 0.57%.
NASDAQ 100 is at 2805 up 24 or 0.88%. (A lot of analysts are currently watching the 100 for a heads and shoulder formation.)
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bearish and the current bias is up.
WTI oil is trading between 87.10 and 89.15 today. The session bias is mixed and is currently trading down at 88.42.
Brent crude is trading between 98.30 and 101.05 today. The session bias is bullish and is currently trading up at 100.13.
Gold rose from 1402.95 earlier to 1438.88 and is currently trading up at 1421.60.
Dr. Copper is at 3.13 rising from 3.09 earlier.
The US dollar is trading between 82.74 and 83.03 and is currently trading down at 82.87, the bias is currently bearish.
** RRR = Risk Reward Ratio
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Written by Gary