Midday Market Commentary For 07-17-2013
Sea-saw Wednesday as Dr. Ben’s blows smoke up your pants leg and the banks hope for higher unemployment. What a joke this market is. Low volume and the HFT computers are jerking the ‘Sheeples’ around like a merry go round.
By noon the averages were range bound and trading continued in a lackluster fashion. The SP500 may attempt to crash the resistance later today like it tried to do around 10:30, but it looks like it won’t be easy.
For my investment / traders out there, here are some worthwhile suggestions.
The incorrect assumption is that good traders are good at everything. Uptrends and downtrends, big ranges, small ranges, and choppy markets, big gaps or no gaps – that they can flawlessly float from one indicator to the next and from one strategy to the next as the market changes.
None of this is true. In fact the exact opposite is true.
The best traders focus on doing one thing well. The best traders identify a trade, or possibly two trades, that work, that jives with their personality, and they execute over and over and over. They specialize in doing one thing very well, and they completely ignore everything else and they resist the temptation change.
The DOW at 12:30 is at 15461 up 10 or 0.06%.
The SP500 is at 1681 up 4 or 0.25%.
SPY is at 168.04 up 0.51 or 0.30%.
The $RUT is at 1043 up 4 or 0.41%.
NASDAQ is at 3606 up 8 or 0.22%.
NASDAQ 100 is at 3083 up 6 or 0.21%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is sideways.
WTI oil is trading between 104.80 and 106.08 today. The session bias is bullish and is currently trading up at 105.86.
Brent crude is trading between 107.30 and 108.62 today. The session bias is bullish and is currently trading up at 108.42.
Gold fell (like a rock) from 1297.90 earlier to 1269.39 and is currently trading up at 1274.55.
Dr. Copper is at 3.119 falling from 3.198 earlier.
The US dollar is trading between 83.04 and 82.46 and is currently trading down at 82.87, the bias is currently mixed. (There is still a gap at 83.67 that needs to be filled indicating a general stock market pull back in the future. Another one 15 minutes ago at 82.91. Forex markets are generally the first to cover gaps.)
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
Written by Gary