Midday Market Commentary For 06-04-2013
Whatever melted the markets up this morning is beginning to thaw as session weakness has move the averages into the flat and unappealing zone. Investors are obviously sitting on their hands waiting for someone else to make the first move.
By noon trading slowed to a trickle and the HFT computers hadn’t done much in melting the markers higher as they are known to do in low volume days.
We are in a indecision zone right now that makes any trading decisions extremely difficult. The past several session have been in a slight negative slant, but not so much to call it a trend.
It has happened several time before where the markets moved sideways before moving higher and setting new highs. I am not going to gamble on this one and will wait it out. I have a lot of cash waiting plus I am considering to cull some more longs out of my portfolio.
A Mirage Called the Stock Market
Jun 03, 2013 Michael Lombardi
While an economic slowdown is looming over the global economy, no one seems to care, as stock markets continue to reach new record-highs, giving investors false hopes of economic growth. But how long can this mirage actually last?
The economic slowdown in the global economy I’m talking about is a worldwide pullback in growth. Take India as the first example. According to India’s Central Statistics Office, the Indian economy is growing at five percent, its slowest pace in a decade!
More…
The DOW at 12:15 is at 15234 down 21 or -0.14%.
The SP500 is at 1637 down 3 or -0.19%.
SPY is at 164.03 down 0.33 or -0.20%.
The $RUT is at 985.14 down 5 or -0.55%.
NASDAQ is at 3462 down 3 or -0.9%.
NASDAQ 100 is at 2992 up 2 or 0.05%.
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 92.38 and 94.40 today. The session bias is bullish and is currently trading up at 94.09.
More Widening For The Brent/WTI Spread ahead?
Brent crude is trading between 101.07 and 103.42 today. The session bias is bullish and is currently trading up at 103.28.
Gold fell from 1414.67 earlier to 1388.74 and is currently trading down at 1395.95.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.370 rising from 3.303 earlier.
The US dollar is trading between 83.00 and 82.45 and is currently trading up at 82.87, the bias is currently bullish.
GM to rejoin S&P 500. GM (GM) is finally returning to the S&P 500 after an absence of four years, with the auto giant set to replace Heinz (HNZ) in the index and in the S&P 100 as of the close of trading on Thursday. The move follows Heinz’s acquisition by Berkshire Hathaway and 3G Capital. Meanwhile, AIG (AIG) will replace Baker Hughes (BHI) in the S&P 100. GM’s shares rose 3.2% in post-market trading.
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Written by Gary
