Midday Market Commentary For 07-26-2013
It would appear investors are very much afraid of what could happen over the weekend by the sell off going on in today’s session. Currently melting back up after some 1% drops, the markets are still looking weak, oversold and falling volume.
By noon the averages almost half of the drop from yesterday’s close, but that doesn’t mean we will see any further rise today. The fundamentals still point to a correction of some sort, but then we have been saying this for some weeks now.
The short term indicators show a 25% sell and the longer term shows a 55% buy.
The DOW at 12:45 is at 15468 down 88 or -0.56%.
The SP500 is at 1684 down 7 or -0.39%.
SPY is at 168.33 down 0.59 or -0.36%.
The $RUT is at 1046 down 8 or -0.75%.
NASDAQ is at 3600 down 5 or -0.13%.
NASDAQ 100 is at 3063 down 2 or -0.05%.
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 105.61 and 103.92 today. The session bias is bearish and is currently trading down at 104.58.
More Widening For The Brent/WTI Spread ahead?
Brent crude is trading between 107.81 and 106.52 today. The session bias is bearish and is currently trading down at 107.06.
Gold fell from 1338.77 earlier to 1312.31 and is currently trading up at 1320.45.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.106 falling from 3.193 earlier.
The US dollar is trading between 81.92 and 81.65 and is currently trading up at 81.75, the bias is currently neutral.
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Written by Gary
