Midday Market Commentary For 05-02-2013
Markets muddled along until the volume dropped to its low of the day and then the HFT computers started melting the number back up close to previous historic highs. Although within rock trowing distance of the major resistance, investors seem reluctant to dip their toes in the muddy waters.
By noon the indices drifted sideways just under the resistance that promises new glorious highs for investors if crossed.
The DOW at 12:30 is at 14807 up 107 or 0.71%.
The SP500 is at 1595 up 13 or 0.80%.
SPY is at 159.53 up 1.24 or 0.79%.
The $RUT is at 937.64 up 13 or 1.45%.
NASDAQ is at 3334 up 35 or 1.07%.
NASDAQ 100 is at 2906 up 32 or 0.78%. (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 to bullish.
WTI oil is trading between 90.13 and 93.38 today. The session bias is bullish and is currently trading up at 93.23.
Brent crude is trading between 98.78 and 102.15 today. The session bias is bullish and is currently trading up at 101.98.
Gold rose from 1440.88 earlier to 1472.46 and is currently trading down at 1467.85.
Dr. Copper is at 3.102 rising from 3.059 earlier.
The US dollar is trading between 81.47 and 82.41 and is currently trading down at 82.30, the bias is currently bullish.
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Written by Gary