Midday Market Commentary For 05-31-2013
Somewhat interesting session as we watched the markets open down, slowly melt up to Wednesday’s closing numbers and then back off to lackluster flat status. Shouldn’t read too much into this as it may be nothing except investors positioning themselves for the next move, which may be up.
By noon the volume was on the low side and falling with the indices not far behind. The last time we saw sideways sessions we also saw some of the averages set new highs shortly thereafter.
Friday and last day of the month. Could this indicate what is in store on Monday?
The DOW at 12:30 is at 15323 down 1 or -0.01%.
The SP500 is at 1652 down 2 or -0.14%.
SPY is at 165.63 down 0.20 or -0.12%.
The $RUT is at 992.79 down 1.61 or -0.16%.
NASDAQ is at 3491 down 0.42 or -0.01%.
NASDAQ 100 is at 3014 up 3 or 0.11%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been sideways and the current bias is negative.
WTI oil is trading between 93.85 and 92.27 today. The session bias is bullish and is currently trading up at 93.05.
More Widening For The Brent/WTI Spread ahead?
Brent crude is trading between 102.38 and 100.72 today. The session bias is bearish and is currently trading down at 101.28.
Gold fell from 1421.33 earlier to 1389.77 and is currently trading up at 1396.25.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.303 falling from 3.330 earlier.
The US dollar is trading between 83.01 and 83.65 and is currently trading up at 83.52, the bias is currently bullish.
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Written by Gary
