Midday Market Commentary For 08-06-2013
The averages recovered about 1/3 of the morning losses, but volume continues to fall as the afternoon session begins. Chances of a recovery suggested this morning are not like to come to fruition as it appears the Mr. Market is starting his vacation.
By noon the averages were down solid but trading in a narrow range which is expected to last this session. Investors are definitely taking the day off.
It is all about “Free Ice Cream’ and greedy banks.
Better to engineer a mini-crisis while you’re still in control than let a crisis you can’t control run away from you.
One of the most widespread misconceptions about the Federal Reserve is that its policies are based solely on economic data and models.
This misconception is not accidental but the result of carefully managed public relations: The Fed fosters a public image of dispassionate experts working econometric magic that mere mortals (i.e. non-PhDs in Economics) cannot possibly understand.
The reality is the Fed is as much a political and PR machine as it is a financial institution.
The DOW at 12:15 is at 15507 down 104 or -0.67%.
The SP500 is at 1696 down 10 or -0.62%.
SPY is at 169.68 down 1.01 or -0.60%.
The $RUT is at 1052 down 11 or -1.05%.
NASDAQ is at 3665 down 27 or -0.74%.
NASDAQ 100 is at 3122 down 21 or -0.67%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish turning negative and the current bias is bearish.
WTI oil is trading between 107.23 and 105.10 today. The session bias is bearish and is currently trading down at 105.52.
Brent crude is trading between 109.22 and 107.47 today. The session bias is bearish and is currently trading down at 108.14.
Gold fell from 1306.04 earlier to 1278.80 and is currently trading down at 1285.20.
Dr. Copper is at 3.171 falling from 3.208 earlier.
The US dollar is trading between 82.01 and 81.56 and is currently trading up at 81.72, the bias is currently negative.
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Written by Gary