Midday Market Commentary For 06-28-2013
The drop this morning was pure and simple market manipulation. How can anyone in their right mind deal with the constant influx of Fed money, HFT algo computers and the ‘Jon Corzine’ type criminals that pocket your money and never go to jail?
By noon the averages had covered yesterday’s opening gap along with today’s as well. There is nothing like a good bear trap to get the blood flowing in the morning. The markets are in the flat zone looking lackluster on low volume. Isn’t that what I said would happen today?
If you jumped in on Monday as I suggested, you are still in good shape if you can stand the constant fraying of the nerves.
The DOW at 12:15 is at 14963 down 61 or -0.41%.
The SP500 is at 1609 down 4 or -0.26%.
SPY is at 160.65 down 0.42 or -0.26%.
The $RUT is at 978.05 down 2 or -0.20%.
NASDAQ is at 3398 down 3 or -0.10%.
NASDAQ 100 is at 2905 down 1 or -0.04%
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is bullish.
WTI oil is trading between 96.55 and 97.82 today. The session bias is neutral and is currently trading sideways at 97.17.
Brent crude is trading between 102.45 and 103.42 today. The session bias is neutral and is currently trading down at 102.72.
Gold rose from 1180.41 earlier to 1220.89 and is currently trading down at 1216.05.
Dr. Copper is at 3.057 rising from 3.017 earlier.
The US dollar is trading between 82.98 and 83.57 and is currently trading down at 83.47, the bias is currently bullish.
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Written by Gary