Midday Market Commentary For 04-26-2013
Markets melted down further after a seemingly bullish reprieve earlier. Gaps left after markets advanced 2 sessions ago were closed including an important one on the SP500 at 1578.27. This clears the way for more unencumbered melting upwards which we have repeatedly have said this would be the most likely scenario to test the previous tops before any correction would happen.
By noon the market weakness was apparent by profit taking, but not enough to thwart any dippers. I believe we will see the markets rise to the occasion next week.
The DOW at 12:15 is at 14701 up 0.19 or 0.00%.
The SP500 is at 1579 down 6 or -0.38%.
SPY is at 157.91 down 0.64 or -0.40%.
The $RUT is at 933.23 down 7 or -0.76%.
NASDAQ is at 3270 down 20 or -0.61%.
NASDAQ 100 is at 2831 down 17 or -0.61%. (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 bullish and the current bias is bearish.
WTI oil is trading between 93.87 and 92.11 today. The session bias is bearish and is currently trading up at 92.53.
Brent crude is trading between 103.48 and 102.28 today. The session bias is bearish and is currently trading up at 102.75.
Gold fell from 1484.86 earlier to 1448.18 and is currently trading down at 1451.25.
Dr. Copper is at 3.180 falling from 3.281 earlier.
The US dollar is trading between 82.91 and 82.45 and is currently trading up at 82.51, the bias is currently negative.
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Written by Gary