Written by Gary
Opening Market Commentary For 08-27-2013
Overnight futures fell significantly into the -1% range and when the markets opened the averages reflected those percentages. Opening gaps made this morning in most of the indices will probably be closed sooner rather than later. That is the only bullish note so far as the session progresses into the morning hours.
By 10 am the averages had melted upward and erase the more serious losses but investor unrest is at an all time high as we await to see if missiles are going to be launched at Syria on Thursday.
The BTFDers have jumped in with abandon and account for the lion’s share of the moderate to high numbers. Mr. Market is not sharing any hint of further direction today.
The DOW at 10:00 is at 14861 down 84 or -0.54%.
The SP500 is at 1643 down 14 or -0.82%.
SPY is at 164.55 down 1.46 or -0.88%.
The $RUT is at 1028 down 10 or -1.01%.
NASDAQ is at 3621 down 37 or -1.00%.
NASDAQ 100 is at 3094 down 29 or -0.92%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been down and the current bias is positive.
WTI oil is trading between 105.91 and 109.07 today. The session bias is bullish and is currently trading up at 108.89.
Brent Crude is trading between 110.76 and 113.59 today. The session bias is positive and is currently trading up at 113.41.
Gold rose from 1395.29 earlier to 1422.00 and is currently trading up at 1419.10.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.361 rising from 3.315 earlier.
The US dollar is trading between 81.17 and 81.60 and is currently trading up at 81.26, the bias is currently negative.
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Written by Gary
