Midday Market Commentary For 05-23-2013
By noon the averages had recovered slightly (+0.60%) from the morning lows to flat, lackluster and not very exciting status. Volume levels remained in the moderate zone with spurts of ‘dippers’ jumping in.
Much remains to be seen if the market will move into the green.
Not a flattering take and most likely correct.
Inquiring minds with extra time on their hands this morning are plodding through the Full Transcript of Bernanke’s Testimony To Joint Economic Committee, U.S. Congress looking for the usual collection of half-truths, distortions, and outright lies it usually contains.
Here are some point-by-point statements by Bernanke with my comments immediately following each set of statements.
In all the hoopla over Japan’s stock market crash and China’s PMI miss last night, the biggest news of the day was largely ignored: copper, and the fact that copper’s ubiquitous arbitrage and rehypothecation role in China’s economy through the use of Chinese Copper Financing Deals (CCFD) is coming to an end.
The DOW at 12:00 is at 15293 down 13 or -0.08%.
The SP500 is at 1648 down 6 or -0.40%.
SPY is at 165.22 down 0.69 or -0.40%.
The $RUT is at 979.53 down 3 or -0.28%.
NASDAQ is at 3456 down 7 or -0.20%.
NASDAQ 100 is at 2994 down 5 or 0.14%.
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 94.22 and 92.28 today. The session bias is bullish and is currently trading up at 92.92.
Brent crude is trading between 102.62 and 100.62 today. The session bias is bearish and is currently trading down at 101.36.
Gold rose from 1355.46 earlier to 1396.87 and is currently trading down at 1380.35.
Dr. Copper is at 3.288 falling from 3.368 earlier.
The US dollar is trading between 84.59 and 83.80 and is currently trading down at 83.90, the bias is currently negative.
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Written by Gary