Midday Market Commentary For 08-22-2013
Summertime blues seem to have taken hold as the averages melt ever so slowly upwards on low to moderate volume.
By noon investors were waiting for news from Jackson Hole, but I suspect it will hold nothing of interest as the Feds are trying to keep a sudden rush to the exits in check.
Appears we have seen the highs for the day and baring any market shaking news the averages should lose some of their appeal and start drifting downwards.
The DOW at 12:15 is at 14963 up 66 or 0.44%.
The SP500 is at 1655 up 12 or 0.72%.
SPY is at 165.78 up 1.22 or 0.74%.
The $RUT is at 1033 up 12 or 1.18%.
NASDAQ is at 3631 up 31 or 0.87%.
NASDAQ 100 is at 3094 up 23 or 0.75%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been negative and the current bias is positive.
WTI oil is trading between 103.54 and 104.89 today. The session bias is sideways with a positive slant and is currently trading down at 104.45.
Brent Crude is trading between 109.48 and 110.13 today. The session bias is melting down and is currently trading down at 109.72.
Wayne S. caught my typing blunder yesterday, let’s see if I can type better today.
Gold rose from 1354.84 earlier to 1380.85 and is currently trading down at 1372.70.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.328 rising from 3.295 earlier.
The US dollar is trading between and is currently trading up at 81.47, the bias is currently neutral to bearish.
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Written by Gary
