Midday Market Commentary For 05-08-2013
By noon the averages continuing their melt up on the usual falling volume setting new historical highs as they go. Where it will stop nobody knows. This looks phony and it is no wonder investors are sitting on the sidelines while the HFT computers manipulate the numbers. The rubber band continue to tighten!
This musical chairs market appears to be heading for a head-butting contest in the near future.
While POMO and its [unstoppable] force of [liquefaction] will lift the nominal price of each and every stock to the point of no return, it seems VIX, Treasury, and JPY-carry traders are not quite as convinced that today is the day to be backing up the truck…
The DOW at 12:30 is at 15070 up 14 or 0.10%.
The SP500 is at 1630 up 5 or 0.29%.
SPY is at 163.16 up 0.56 or 0.34%.
The $RUT is at 968.86 up 1.03 or 0.11%.
NASDAQ is at 3410 up 13 or 0.39%.
NASDAQ 100 is at 2966 up 14 or 0.47%. (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 positive.
WTI oil is trading between 95.24 and 96.52 today. The session bias is bearish and is currently trading down at 95.83.
Brent crude is trading between 103.55 and 104.77 today. The session bias is negative and is currently trading down at 103.81.
Gold rose from 1449.42 earlier to 1469.17 and is currently trading down at 1463.75.
Dr. Copper is at 3.370 rising from 3.291 earlier.
The US dollar is trading between 82.40 and 81.78 and is currently trading down at 81.84, the bias is currently bearish.
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Written by Gary