Written by Gary
Midday Market Commentary For 09-10-2013
Markets have drifted sideways with a positive slant moving within striking range of the next resistance which is more than just a minor bump in the road. Also represents where the markets gaped down on August 14, leaving a lot of today’s investors selling before it actually gets there. The BTFDers on the other hand can’t see where their favorite game is going to fail and are buying at every dip.
By noon volume has fallen off somewhat and the melting upwards has leveled off in a consolidation mode awaiting the shootout at the O.K. ‘Market Casino’.
So far my shorts bought this morning have been slightly negative up to this point, nothing to worry about – yet. I was expecting a minor pullback at the opening because of the big climb over the last two sessions, which goes to show that you can’t rely on this casino market to do the ‘right’ thing anymore.
But the good news is that we have come within 1 point of the gap and I do expect the markets will retract once we get to that level. The fly in the ointment, for the bears, is still the Syrian conflict and the Fed tapering, both of which seem not to be happening anytime soon.
The DOW at 12:00 is at 15156 up 94 or 0.63%.
The SP500 is at 1680 up 9 or 0.53%.
SPY is at 168.53 up 1 or 0.54%.
The $RUT is at 1051 up 5 or 0.45%.
NASDAQ is at 3722 up 16 or 0.44%.
NASDAQ 100 is at 3183 up 13 or 0.42%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been positive and the current bias is sideways.
WTI oil is trading between 108.89 and 106.41 today. The session bias is negative and is currently trading up at 107.17.
Brent Crude is trading between 113.56 and 110.60 today. The session bias is negative and is currently trading up at 111.47.
Gold fell from 1391.22 earlier to 1357.74 and is currently trading down at 1363.70.
Dr. Copper is at 3.263 falling from 3.296 earlier.
The US dollar is trading between 81.98 and 81.73 and is currently trading down at 81.85, the bias is currently sideways.
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Written by Gary