Midday Market Commentary For 05-07-2013
The averages have retained most of the gains made today with the small caps trailing suggesting to investors that this session rise is a giant leap of faith.
By noon the volume was falling off with some serious spurts of profit taking along with the diehard ‘dippers’. The bear Vs. Bull camp is obviously still miles apart, but my proprietary indicators are still looking bearish, more so as the markets continue to rise.
The DOW at 12:15 is at 15019 up 50 or 0.33%.
The SP500 is at 1622 up 4 or 0.28%.
SPY is at 162.22 up 0.41 or 0.25%.
The $RUT is at 962.34 up 2.54 or 0.26%.
NASDAQ is at 3391 down 1 or -0.04%.
NASDAQ 100 is at 2952 down 3 or -0.10%. (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 96.27 and 94.45 today. The session bias is bullish and is currently trading down at 95.62.
Brent crude is trading between 105.94 and 104.73 today. The session bias is bearish and is currently trading up at 105.12.
Gold fell from 1466.08 earlier to 1440.55 and is currently trading up at 1451.45.
Dr. Copper is at 3.305 falling from 3.344 earlier.
The US dollar traded between 82.39 and 82.41 this morning and is currently trading down at 82.33, the bias is currently bearish.
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Written by Gary