Midday Market Commentary For 07-19-2013
The averages moved off their morning lows like it usually does, but remains in a narrow band of trading on low volume. $VIX has dropped to 13.14 and is probably meaningless in the overall picture today.
By noon the averages had settled into a sideways movement and not apparent direction as we prepare to close out the week.
The worries investors have is not totally unwarranted as pointed out in the following article.
Bernanke “The Only Game in Town”: Really?
Last year, Senator Schumer (Democrat, N.Y.) famously told Fed chairman Ben Bernanke “You are the only game in town.”
Really, Senator? What about the real economy?
Bernanke and the Fed’s machinations are indeed the only game in town for the parasitic financiers, but unnoticed by the Senator, America’s real economy is innovating away from the dead hand of the Fed and its toxic spew of free money to the predatory class.
There’s actually three games in town: the financier game the Fed is playing that will end in collapse, the Federal government’s borrow-and-blow trillions of dollars game that will also end badly
. . . and the real economy, where millions of people don’t give a rat’s rear-end about Bernanke’s latest attempt to placate the financial Monster Id he has created.
The DOW at 12:30 is at 15519 down 29 or -0.19%.
The SP500 is at 1688 down 1 or -0.09%.
SPY is at 168.73 down 0.14 or -0.08%.
The $RUT is at 1049 down 1.47 or -0.14%.
NASDAQ is at 3581 down 31 or -0.85%.
NASDAQ 100 is at 3038 down 39 or -1.28%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is neutral.
WTI oil is trading between 108.93 and 107.04 today. The session bias is negative and is currently trading down at 107.30.
More Widening For The Brent/WTI Spread ahead?
Brent crude is trading between 109.18 and 107.67 today. The session bias is negative and is currently trading down at 107.89.
Gold rose from 1285.13 earlier to 1297.07 and is currently trading up at 1292.75.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.139 rising from 3.112 earlier.
The US dollar is trading between 82.93 and 82.62 and is currently trading down at 82.70, the bias is currently negative.
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Written by Gary
