Midday Market Commentary For 06-20-2013
Action for the noon-time crowd has slowed and the averages seemed to have stopped their decent.
By 12:30 the bears were still out in force as indicated by the heavier than normal volume. The ‘dippers’ have not shown up in force to stop the bleeding completely and under the old way of doing things, now would be the time to buy. But as we all know, these are not the old times and if not careful you can loose your shirt.
My guess right now, remember it is a guess, we will see the market rise again to at least yesterday’s closing as that is where the gaps are. You are own your own because I learned very quickly 2 years ago that you can get your bum burnt and handed to you on a silver platter.
The DOW at 12:30 is at 14923 down 190 or -1.25%.
The SP500 is at 1607 down 22 or -1.32%.
SPY is at 161.31 down 2 or -1.32%.
The $RUT is at 967.99 down 18 or -1.88%.
NASDAQ is at 3396 down 47 or -1.35%.
NASDAQ 100 is at 2920 down 40 or -1.34%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been neutral and the current bias is bearish.
WTI oil is trading between 98.22 and 95.17 today. The session bias is bearish and is currently trading down at 95.64.
More Widening For The Brent/WTI Spread ahead?
Brent crude is trading between 105.04 and 102.57 today. The session bias is bearish and is currently trading down at 102.86.
Gold fell from 1347.16 earlier to 1285.63 and is currently trading down at 1287.55.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.053 falling from 3.137 earlier.
The US dollar is trading between 81.43 and 82.32 and is currently trading down at 82.06, the bias is currently bullish.
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Written by Gary
