Midday Market Commentary For 04-30-2013
Mostly due to HFT algo computers the averages melted up from the morning lows to numbers that were averaging 0.07% higher that the opening. In other words the markets suck today as volume hit anemic levels and heading lower.
By noon the top was apparently formed (don’t bet on it though) and was melting back down to either take a breather or a minor sell-off. Today is one of those trading sessions where one can’t tell which way Mr. Markets is going to head.
We are in a zone of indecision as we wait for the averages to break out and up or slide into the ‘dark side’. Don’t over analyze this market right now.
The DOW at 12:15 is at 14742 down 77 or -0.52%.
The SP500 is at 1595 up 1 or 0.07%.
SPY is at 159.45 up 0.17 or 0.11%.
The $RUT is at 944.78 up 2.36 or 0.25%.
NASDAQ is at 3318 up 11 or 0.33%.
NASDAQ 100 is at 2877 up 10 or 0.35%. (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 neutral.
WTI oil is trading between 94.61 and 93.15 today. The session bias is bearish and is currently trading down at 93.55.
Brent crude is trading between 103.99 and 102.10 today. The session bias is bearish and is currently trading up at 102.45.
Gold fell from 1479.16 earlier to 1463.38 and is currently trading up at 1469.15.
Dr. Copper is at 3.192 down from 3.247 earlier.
The US dollar is trading between 82.35 and 81.64 and is currently trading down at 81.76, the bias is currently bearish.
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Written by Gary