Midday Market Commentary For 04-29-2013
As expected the markets have melted up on falling volume while the small caps have led the way in newer highs. (Nasdaq reached a new twelve-year intraday high.)
By noon the averages were enjoying the melt up with an occasional burst of green volume as the ‘dipper’ became emboldening to a lost cause. A few most up days and we will see another small correction.
What we read this morning.
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The DOW at 12:15 is at 14802 up 90 or 0.60%.
The SP500 is at 1593 up 11 or 0.72%.
SPY is at 159.35 up 1.11 or 0.70%.
The $RUT is at 943.02 up 7.76 or 0.83%.
NASDAQ is at 3311 up 32 or 0.98%.
NASDAQ 100 is at 2872 up 32 or 1.12%. (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 bullish.
WTI oil is trading between 92.57 and 94.84 today. The session bias is positive and is currently trading down at 93.92.
Brent crude is trading between 102.59 and 103.48 today. The session bias is positive and is currently trading down at 103.44.
Gold fell from 1478.30 earlier to 1462.91 and is currently trading up at 1468.65.
Dr. Copper is at 3.232 rising from 3.159 earlier.
The US dollar is trading between 82.52 and 82.10 and is currently trading up at 82.29, the bias is currently negative.
** RRR = Risk Reward Ratio
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Written by Gary