Midday Market Commentary For 07-09-2013
Markets recovered from the morning dip but not low enough to cover the opening gaps. The averages moved back up to the morning highs and retreated a tad before testing the highs again.
By 12:30 the averages started to melt above the morning highs, again, just a tad, where the $RUT continues to make new historical highs. Exactly what this means is not clear because the problems the World had last week are still here. I do not trust the markets to behave in a rational manner.
What I do see is a substantial resistance at the present levels and ANY burp will send this market crashing.
The DOW at 1:00 is at 15305 up 80 or 0.53%.
The SP500 is at 1652 up 12 or 0.75%.
SPY is at 165.16 up 1.22 or 0.74%.
The $RUT is at 1018.39 up 9 or 0.90%.
NASDAQ is at 3505 up 20 or 0.59%.
NASDAQ 100 is at 2984 up 18 or 0.60%.
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 102.30 and 103.46 today. The session bias is mixed and is currently trading up at 103.33.
More Widening For The Brent/WTI Spread ahead?
Brent crude is trading between 106.87 and 107.61 today. The session bias is mixed and is currently trading down at 107.47.
Gold rose from 1232.19 earlier to 1258.72 and is currently trading down at 1247.55.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.062 falling from 3.115 earlier.
The US dollar is trading between 84.31 and 84.95 and is currently trading down at 84.80, the bias is currently bullish.
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Written by Gary
