Midday Market Commentary For 07-11-2013
Markets have been trading in a sideways very narrow band all morning. Volume at noon had reached anemic levels indicating investors are waiting for more free ice cream news from the Fed’s.
By noon the averages seemed to be holding steady either not sure the QE props were going to continue to hold things up or penetrating the resistance is just too much to ask for on this session. Watch for the averages to get tired by the session end and melt below the current trading zone.
The DOW at 12:45 is at 15422 up 130 or 0.85%.
The SP500 is at 1669 up 16 or 1.01%.
SPY is at 166.89 up 1.70 or 1.03%.
The $RUT is at 1028.85 up 8.43 or 0.83%.
NASDAQ is at 3566 up 45 or 1.29%.
NASDAQ 100 is at 3049 up 48 or 1.61%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is trading sideways.
WTI oil is trading between 107.45 and 104.83 today. The session bias is bearish and is currently trading down at 104.77.
Brent crude is trading between 108.92 and 107.28 today. The session bias is bearish and is currently trading down at 107.33.
Gold rose from 1248.01 earlier to 1297.03 and is currently trading sideways at 1280.15.
Dr. Copper is at 3.173 rising from 3.077 earlier.
The US dollar is trading between 84.43 and 82.60 and is currently trading up at 83.25, the bias is currently neutral. (Gap at 83.67 still hasn’t been covered)
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Written by Gary