Midday Market Commentary For 05-28-2013
Market have remained up from this mornings gap up at the opening, but have slipped off the morning highs fractionally.
Difficult to determine direction with volume falling off and most investors are passing up today as a possible preamble to future highs.
Most investors are very suspicious about extending long positions as the market climb looks tired.
The DOW at 12:00 is at 15475 up 171 or 1.12%.
The SP500 is at 1667 up 17 or 1.05%.
SPY is at 167.03 up 2 or 1.05%.
The $RUT is at 1001.22 up 17 or 1.71%.
NASDAQ is at 3501 up 42 or 1.20%.
NASDAQ 100 is at 3023 up 32 or 1.05%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been neutral and the current bias is negative.
WTI oil is trading between 93.53 and 95.91 today. The session bias is bullish and is currently trading down at 95.31.
More Widening For The Brent/WTI Spread ahead?
Brent crude is trading between 102.48 and 104.70 today. The session bias is bullish and is currently trading down at 104.23.
Gold fell from 1396.00 earlier to 1373.25 and then spiked to 1400.77 and is currently trading down at 1389.85.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.317 rising from 3.268 earlier.
The US dollar is trading between 83.71 and 84.30 and is currently trading down at 84.16, the bias is currently sideways.
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Written by Gary
