Midday Market Commentary For 07-25-2013
By noon the averages had done the sea-saw and were once again recovering from the sessions lows but not quite matching the previous highs. This could be considered a bearish activity when you have lower highs and lower lows, but this the casino market – remember?
By 12:30 the averages seemed to be on the cusp of going in one direction, but it is anyone’s guess which way that will be. My indicators are pointing at a near term of 80% sell.
The spread has been mostly narrow today making it difficult to gauge trading strategies and suggest you sit on your hands and not guess.
The DOW at 12:30 is at 15503 down 39 or -0.25%.
The SP500 is at 1685 down 0.85 or -0.04%.
SPY is at 168.48 down 0.03 or -0.02%.
The $RUT is at 1049 up 5.73 or 0.55%.
NASDAQ is at 3596 up 16 or 0.46%.
NASDAQ 100 is at 3055 up 14 or 0.46%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been neutral and the current bias is bullish.
WTI oil is trading between 105.71 and 104.14 today. The session bias is bullish and is currently trading up at 105.50.
Brent crude is trading between 107.88 and 106.55 today. The session bias is bullish and is currently trading down at 107.64.
Gold rose from 1308.23 earlier to 1331.28 and is currently trading up at 1328.55.
Dr. Copper is at 3.185 falling from 3.194 earlier.
The US dollar is trading between 82.49 and 82.07 and is currently trading down at 82.15, the bias is currently bearish.
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Written by Gary