Opening Market Commentary For 08-07-2013
Premarket was down -0.20% indicating an negative market was at hand with few low rated financials to be reported this morning.
Markets opened down where the SP500 reached 1689 off 8 points from yesterday’s closing. Also as expected, the BTFD folks jumped in and melted the averages back up to where the SP500 at 1695, was off 2 points from last night. Then the roller coaster ride began as the indices started to melt downward under significant relatively heavy red volume.
By 10 am the averages continued to fall with the BTFD folks jumping in again, someday they might be wrong and today might be the day. Volume is tapering off ending the action for the morning crowd and now the HFT computers take over and melt the averages back up somewhat.
It isn’t a down trend just yet, but knowing this casino market ANYTHING can happen AND will.
The DOW at 10:30 is at 15434 down 83 or -0.53%.
The SP500 is at 1686 down 11 or -0.67%.
SPY is at 168.64 down 1 or -0.62%.
The $RUT is at 1043 down 8.69 or -0.83%.
NASDAQ is at 3635 down 31 or -0.84%.
NASDAQ 100 is at 3097 down 25 or -0.79%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been turning to negative and the current bias is bearish.
WTI oil is trading between 105.77 and 104.62 today. The session bias is bullish, but sideways and is currently trading up at 105.41.
More Widening For The Brent/WTI Spread ahead?
Brent crude is trading between 107.08 and 108.17 today. The session bias is negative and is currently trading down at 107.78.
Gold rose from 1272.00 earlier to 1285.65 and is currently trading down at 1284.70.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.165 rising from 3.129 earlier.
The US dollar is trading between 81.87 and 81.35 and is currently trading down at 81.39, the bias is currently bearish.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
Written by Gary
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