Opening Market Commentary For 08-14-2013
Premarkets were down -0.20% until the 8:30 am financials were reported. The ‘not-so-good’ reports sent the futures higher, go figure.
The markets opened higher (0.25%) and quickly started melting down after testing yesterday’s highs. The indices are currently in an obvious consolidation phase and investors are trying to get comfortable with their finger on the buy/sell buttons. Markets do look increasingly tired and weak, but this scenario has happened before and the markets moved on to set new historical highs and everyone knows this.
Today’s volume is mostly red and moderate, but it is difficult to foresee where (or when) Mr. Market is going to make his move.
The RRR** was narrow again at the opening bell today continuing the last 4 days of slim trading ranges – not my cup of tea.
The single issue here is the trading range is too narrow and way too much money has to be put on the table just to get back meager gains.
The DOW at 10:45 is at 15358 down 90 or -0.58%.
The SP500 is at 1688 down 6 or -0.37%.
SPY is at 169.04 down 0.54 or -0.32%.
The $RUT is at 1020 down 1.68 or -0.16%.
NASDAQ is at 3674 down 10 or -0.27%.
NASDAQ 100 is at 3131 down 10 or -0.32%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been sideways with a negative slant and the current bias is bearish.
WTI oil is trading between 106.86 and 105.94 today. The session bias is bearish and is currently trading down at 106.20.
Brent crude is trading between 107.77 and 108.46 today. The session bias is neutral with a positive slant and is currently trading up at 108.25.
Gold rose from 1315.43 earlier to 1333.47 and is currently trading up at 1331.60.
Dr. Copper is at 3.333 rising from 3.295 earlier.
The US dollar is trading between 81.90 and 81.66 and is currently trading down at 81.69, the bias is currently negative.
** RRR = Risk Reward Ratio
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Written by Gary