Midday Market Commentary For 08-02-2013
By noon the SP500 had erased 85% of session losses while the DOW is slightly behind in the slow process of melting back up. The small caps are flat but in the green as volume dries up.
The US Government travel alert could have some ramifications in the investment world very soon. I am moving towards more cash on hand to take advantage of any correction.
With US leaks about Israeli air strike on Syria, John Kerry stirring the civil war pot in Egypt, and the closure of US embassies across the Muslim world (Iraq, Afghanistan, Qatar, Bahrain, Oman, Kuwait, Bangladesh, Saudi Arabia, Libya, Yemen, UAE, Algeria, Mauritania, Sudan, Israel (Tel Aviv) and Jordan), it appears something is afoot. To add to the intrigue, the US State Department just issued a worldwide travel alert for US citizens.
*STATE DEPARTMENT WORLDWIDE TRAVEL ALERT EXPIRES AUGUST 31, 2013
*STATE DEPT ISSUES WORLDWIDE TRAVEL ALERT FOR U.S. CITIZENS
An Al-Qaeda threat has been posited but with no follow-up but we can’t help but fear what we wondered about previously – the need for deficits to re-awaken (via some external event that no-one can ‘un-patriotically’ demur) providing more room for Bernanke to avoid his need for Taper.
The DOW at 1:45 is at 15615 down 13 or -0.09%.
The SP500 is at 1706 down 0.76 or -0.04%.
SPY is at 170.62 down 0.04 or -0.02%.
The $RUT is at 1059 down 1.18 or -0.11%.
NASDAQ is at 3679 up 3.29 or 0.09%.
NASDAQ 100 is at 3132 up 5.71 or 0.18%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is positive.
WTI oil is trading between 108.76 and 106.47 today. The session bias is bearish and is currently trading down at 106.89.
Brent crude is trading between 110.08 and 108.43 today. The session bias is bearish and is currently trading down at 108.53.
Gold rose from 1282.74 earlier to 1317.64 and gaping at 1288.87 as it rose and is currently trading up at 1313.05.
Dr. Copper is at 3.198 rising from 3.132 earlier.
The US dollar is trading between 82.57 and 81.97 and is currently trading down at 82.06, the bias is currently bearish.
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