Midday Market Commentary For 08-09-2013
Interesting session in that the averages are generally melting downward, but that the volume is moderate to heavy indicating investors are closing out riskier positions.
By noon the averages had bounced off the morning lows and consolidated about half way down from the opening. Volume is falling off looking more and more like this is going to be a session in the red.
The signs are there for a small correction at least in the near future. The big one, some are touting, I think is a way off into the future.
7th Time Was Not The Charm, S&P Tests 1,700 And Dumps
For the 7th time in the last day or so, the S&P 500 has tested up to the magical 1,700 level and failed.
With JPY once against strengthening as carry unwinds re-escalate, we wait breathless for a deja deja deja vu repeat of the last 3 days post-European close rampfest…
The DOW at 12:30 is at 15395 down 104 or -0.67%.
The SP500 is at 1691 down 6 or -0.36%.
SPY is at 169.29 down 0.51 or -0.30%.
The $RUT is at 1049 down 0.53 or -0.05%.
NASDAQ is at 3665 down 4 or -0.11%.
NASDAQ 100 is at 3125 down 5 or -0.14%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been sideways and the current bias is bearish.
WTI oil is trading between 103.61 and 105.66 today. The session bias is bullish and is currently trading up at 105.80.
More Widening For The Brent/WTI Spread ahead?
Brent crude is trading between 106.61 and 107.85 today. The session bias is bullish and is currently trading up at 107.62.
Gold fell from 1316.11 earlier to 1304.51 and is currently trading up at 1314.10.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.306 rose from 3.242 earlier.
The US dollar is trading between 81.22 and 80.97 and is currently trading up at 81.20, the bias is currently positive.
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Written by Gary
