Midday Market Commentary For 06-07-2013
By noon the averages were posting great gains, but the question lingers for how long. The volume is not in line with the markets gains today being low to medium suggesting manipulation from the HFT computers.
By noon we has started to see some weakness and the averages have slipped of the day’s highs. Whether this is going to continue today is anyone’s guess, but I suspect the day will close up nicely.
Unemployment really isn’t very good but the market seems not to care as long as ol’ Ben keeps pouting the money in.
Real Unemployment Rate: 11.3%
There are job numbers, and then there are job numbers which make sense in the context of a US population that keeps rising.
The DOW at 12:45 is at 15196 up 156 or 1.04%.
The SP500 is at 1636 up 14 or 0.86%.
SPY is at 164.13 up 1.42 or 0.87%.
The $RUT is at 985.17 up 6 or 0.58%.
NASDAQ is at 3455 up 31 or 0.91%.
NASDAQ 100 is at 2978 up 29 or 0.98%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been negative and the current bias is positive.
WTI oil is trading between 93.76 and 96.38 today. The session bias is bullish and is currently trading up at 96.20.
More Widening For The Brent/WTI Spread ahead?
Brent crude is trading between 102.90 and 105.00 today. The session bias is bullish and is currently trading up at 104.75.
Gold fell from 1416.84 earlier to 1377.36 and is currently trading up at 1383.45.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.270 fell from 3.342 earlier.
The US dollar is trading between 81.08 and 81.84 and is currently trading sideways at 81.72, the bias is currently neutral to bullish.
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Written by Gary
