Midday Market Commentary For 05-17-2013
Markets at noon look just like yesterday’s – sideways, low volume and no direction. I will say this though, it is going to take a serious ‘Black Swan’ to blow this bull train off the tracks and when it does, don’t try to catch the ‘falling knife’. Keep your stops down far enough so a small correction won’t kill your profits.
What should be isn’t according to many analysts, including myself. The longer and further this bull runs through the Market’s China Shop, the worse the ‘correction’ will be. I am getting very worried about the few longs I still have invested.
The DOW at 12:15 is at 15293 up 61 or 0.40%.
The SP500 is at 1658 up 8 or 0.47%.
SPY is at 166.10 up 0.76 or 0.47%.
The $RUT is at 991.65 up 6 or 0.64%.
NASDAQ is at 3480 up 15 or 0.44%.
NASDAQ 100 is at 3010 up 11 or 0.37%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is neutral with a positive slant.
WTI oil is trading between 94.80 and 96.43 today. The session bias is neutral with a bullish slant and is currently trading up at 95.75.
More Widening For The Brent/WTI Spread ahead?
Brent crude is trading between 103.35 and 104.87 today. The session bias is neutral and is currently trading up at 104.31.
Gold fell from 1386.95 earlier to 1357.80 and is currently trading down at 1362.85.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.319 rising from 3.281 earlier.
The US dollar is trading between 83.87 and 84.50 and is currently trading up at 84.38, the bias is currently neutral.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
Written by Gary
