Midday Market Commentary For 08-01-2013
By 10:30 the markets had finished climbing to new highs and then began the sideways dance as volume dried up mostly because investors are waiting to see who is going to push the market one way or another.
From my seat at 30,000 feet I can’t see this market going much higher. Having said that I do see the market melting up but only because of investors beliefs of more free ice cream and their ability to catch a falling knife.
The DOW at 12:15 is at 15629 up 129 or 0.83%.
The SP500 is at 1704 up 19 or 1.11%.
SPY is at 170.47 up 2 or 1.05%.
The $RUT is at 1059 up 14 or 1.32%.
NASDAQ is at 3667 up 41 or 1.13%.
NASDAQ 100 is at 3119 up 28 or 0.93%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is bullish.
WTI oil is trading between 105.10 and 107.90 today. The session bias is bullish and is currently trading up at 107.57.
More Widening For The Brent/WTI Spread ahead?
Brent crude is trading between 107.53 and 109.46 today. The session bias is bullish and is currently trading up at 109.31.
Gold fell from 1327.74 earlier to 1307.80 and gaping at 1318.93 and is currently trading up at 1313.15.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.173 rising from 3.102 earlier.
The US dollar is trading between 81.48 and 82.38, gaping at 82.11 and is currently trading up at 82.36, the bias is currently bullish.
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Written by Gary
