Opening Market Commentary For 06-25-2013
Premarkets were up but generally flat even after this mornings better than expected financial report of Home Prices and Durable Goods rising. Volume was muted unlike the past 3 sessions of high volume for the first 30 minutes while investors waited for the 10 am report of Consumer Confidence.
Market opened up with the DOW jumping to over 100 points but within 15 minutes the averages started to wain and melt downward.
The 10 am Consumer Confidence news was good, best since January 2008 coming in at 81.4 crushing the expected 75.1, but investors took a wait and see as the volume was low and the DOW had slumped to the 50’s level.
Market news was good so the averages stay flat, but I expect the numbers to melt upwards today.
Several gaps that were made during yesterday’s opening were closed right after the opening particularly noting the $VIX and the $COMPX, but the one on the SP500 still remains open at 1592. Buy-sell indicators are just in the green, but barely. I said yesterday that going long for a short term buy should be O.K., but be on your toes for the unexpected reversal.
The Commerce Department reports sales of new, single-family homes rose 2.1% in May from April to an annual rate of 476,000 units. Wall Street expected sales to come in at an annual rate of 462,000 units. The reading was the highest since July 2008.
Home prices in 20 major U.S. metropolitan areas climbed 2.5% in April from March, on a non-seasonally adjusted basis, topping expectations of a 1.1% gain. Prices were up 12.1% from the year prior, beating forecasts of a 10.6% jump.
The Commerce Department reports orders for long-lasting goods jumped 3.6% in May from April, topping expectations of a 3% gain. Excluding the transportation segment, orders rose 0.7% compared to expectations it would hold steady.
The first column is what was reported. The second is what was expected by the analysts and the third was the last report.
The DOW at 10:15 is at 14727 up 71 or 0.49%.
The SP500 is at 1580 up 7 or 0.47%.
SPY is at 157.78 up 0.73 or 0.45%.
The $RUT is at 955.61 up 4.52 or 0.48%.
NASDAQ is at 3332 up 11 or 0.33%.
NASDAQ 100 is at 2855 up 7 or 0.25%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bearish and the current bias is neutral.
WTI oil is trading between 94.60 and 96.15 today. The session bias is bearish and is currently trading down at 95.06.
More Widening For The Brent/WTI Spread ahead?
Brent crude is trading between 102.08 and 100.69 today. The session bias is bearish and is currently trading down at 101.23.
Gold fell from 1288.68 earlier to 1272.72 and is currently trading down at 1277.55.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.079 rising from 2.985 earlier.
The US dollar is trading between 82.44 and 82.91 and is currently trading up at 82.89, the bias is currently bullish.
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Written by Gary
