Midday Market Commentary For 05-03-2013
Markets puled off a yesterday by climbing to new highs and then coasting sideways. Volume has fallen off to near anemic levels and suggests that the HFT computers will at least keep the averages where that are now.
By noon Mr. Market was not about to give any hints to what he is going to do next and I am not going to put any money on the table – guessing yes, actual trading no.
The DOW at 12:30 is at 14985 up 154 or 1.04%.
The SP500 is at 1616 up 19 or 1.18%.
SPY is at 161.67 up 2 or 1.21%.
The $RUT is at 958.75 up 19 or 2.01%.
NASDAQ is at 3386 up 45 or 1.35%.
NASDAQ 100 is at 2949 up 38 or 1.30%. (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.
This morning gold prices pulled back while WTI crude-oil futures surged 1.45 after better-than-expected U.S. jobs data but pulled back by the 9:30 opening.
WTI oil is trading between 93.05 and 96.00 today. The session bias is bullish and is currently trading up at 95.74.
More Widening For The Brent/WTI Spread ahead?
Brent crude is trading between 101.81 and 104.89 today. The session bias is bullish and is currently trading down at 104.31.
Gold fell from 1487.39 earlier to 1457.57 and is currently trading up at 1466.35.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.299 up from 3.118 earlier.
The US dollar is trading between 81.93 and 82.58 and is currently trading up at 82.19, the bias is currently neutral to bullish.
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Written by Gary
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