Midday Market Commentary For 08-07-2013
By noon, yawn, the market was losing volume and the, yawn, the HFT computers were melting the numbers up – yawn! Time to take a nap, nothing is happening. Markets are moving sideways in a tight narrow band along with the $VIX at 13.58.
Summertime blues are here but don’t get caught napping.
Sometime in the near future all hell is going to break loose as this bull run is not sustainable and the Feds have to stop printing all the free ice cream at some point.
The DOW at 12:30 is at 15461 down 57 or -0.36%.
The SP500 is at 1690 down 7 or -0.41%.
SPY is at 169.11 down 0.62 or -0.37%.
The $RUT is at 1044 down 7.52 or -0.72%.
NASDAQ is at 3648 down 17 or -0.48%.
NASDAQ 100 is at 3111 down 11 or -0.34%.
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 slightly positive.
WTI oil is trading between 105.77 and 104.62 today. The session bias is bearish, but sideways and is currently trading down at 104.91.
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 107.61.
Gold rose from 1272.00 earlier to 1288.43 and is currently trading down at 1284.90.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.174 rising from 3.129 earlier.
The US dollar is trading between 81.87 and 81.35 and is currently trading up at 81.41, the bias is currently bearish.
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Written by Gary
