Opening Market Commentary For 08-21-2013
Premarkets were down in light action and little market moving news. As expected the markets opened down ~-0.25% leaving leaving significant gaps in the major indices. The DOW had an unusually large 10 point gap at the opening while the SP500 had a 2 point gap. Typically these anomalies are covered sooner rather than later suggesting that we will see the markets improve before the session ends.
At 10 am when the Existing Home Sales was reported +6.5% higher than the +1.4% expected the markets started to slowly melt upwards apparently not impressed or the FOMC minutes is going to be more important.
By 10:05 the averages leveled off with falling volume as investors await to glean any hint of tapering from the FOMC minutes later. Indicators stand at 50% to 60% buy and 25% to 35% sell for the swing trading. The near term is much more bearish with the selling at 70%.
The DOW at 10:15 is at 14949 down 52 or -0.35%.
The SP500 is at 1647 down 5 or -0.28%.
SPY is at 165.07 down 0.51 or -0.31%.
The $RUT is at 1024 down 4.49 or -0.43%.
NASDAQ is at 3614 up 0.11 or 0.00%.
NASDAQ 100 is at 3086 up 4 or 0.13%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bearish and the current bias is neutral.
WTI oil is trading between 105.35 and 104.37 today. The session bias is neutral and is currently trading down at 104.64.
Brent Crude is trading between 109.23 and 110.18 today. The session bias is positive and is currently trading up at 109.77.
Gold fell from 1373.56 earlier to 1389.37 and is currently trading down at 1362.20.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.314 falling from 3.331 earlier.
The US dollar is trading between 80.92 and 81.22 and is currently trading down at 81.18, the bias is currently positive.
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Written by Gary
Written by Gary
