Midday Market Commentary For 06-25-2013
Indices have shown a strong upward move in trading in today’s session, regaining some ground having falling sharply in recent sessions. The major averages have climbed firmly into positive territory but the SP500 gap at 1592 still remains elusive even with the DOW climbing to over 100 again. Volume remains in the low category and continues to fall as we enter the afternoon session.
By noon the markets have traded in a tight narrow zone generally not conducive to profitable day trading. Swing trading on the other hand might just turn out to be very profitable – IF you guess correctly.
The afternoon trading appears to have slowed considerably and any further action appears to be from the HFT computers.
The DOW at 1:00 is at 14772 up 111 or 0.76%.
The SP500 is at 1587 up 14 or 0.92%.
SPY is at 158.52 up 1.45 or 0.92%.
The $RUT is at 958.16 up 7.10 or 0.74%.
NASDAQ is at 3343 up 22 or 0.68%.
NASDAQ 100 is at 2864 up 16 or 0.56%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bearish and the current bias is bullish.
WTI oil is trading between 94.60 and 96.15 today. The session bias is neutral and is currently trading down at 95.25.
More Widening For The Brent/WTI Spread ahead?
Brent crude is trading between 102.08 and 100.69 today. The session bias is neutral and is currently trading down at 101.47.
Gold fell from 1288.68 earlier to 1270.99 and is currently trading down at 1277.05.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.080 rising from 2.985 earlier.
The US dollar is trading between 82.44 and 82.94 and is currently trading up at 82.86, the bias is currently bullish.
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Written by Gary
