Midday Market Commentary For 05-06-2013
By noon the averages were starting to melt up to the previous highs on Friday as volume dried up speculating the HFT computers were doing their thing.
News is lacking today and suspect we will not see much action except for the occasional spurts of profit taking and buying.
The DOW at 12:30 is at 14976 up 3 or 0.02%.
The SP500 is at 1617 up 3 or 0.21%.
SPY is at 161.77 up 0.40 or 0.25%.
The $RUT is at 958.66 up 4 or 0.44%.
NASDAQ is at 3391 up 12 or 0.36%.
NASDAQ 100 is at 2954 up 10 or 0.34%. (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 96.44 and 94.94 today. The session bias is bullish and is currently trading up at 96.05.
Brent crude is trading between 105.15 and 103.91 this morning. Recently Brent has risen to105.41 The session bias is bullish and is currently trading up at 105.31.
Gold fell from 1478.06 earlier to 1464.21 and is currently trading down at 1466.15.
Dr. Copper is at 3.309 falling from 3.323 earlier.
The US dollar is trading between 82.04 and 82.47 and is currently trading up at 82.41, the bias is currently bullish.
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Written by Gary