Today’s Trend Is Slowly Melting Down With No Letup In Sight

Written by Gary

Midday Market Commentary For 09-12-2013

Today’s trend is definitely down but yesterday’s support couldn’t hold back the bears as they continually nibble at the numbers. Volume is low to moderate and not enough bulls to keep the averages from slipping further down. Investors are evidently getting worried that the past up 7 days may need a correction and are trying to beat the crowd by selling now.

By noon the averages were through the weak support and looking further down. The bulls are trying to change this negative direction, but they have already spent their monies pushing it up.

The Syrian debacle is heating up again with Assad’s incredulous demands that Israel and the US have to dispose their WMD’s. Today’s decline is, in part, due to Obama’s backpedaling and lack of backbone. This could be the joke of the day.

The DOW at 12:30 is at 15289 down 37 or -0.24%.

The SP500 is at 1683 down 6 or -0.38%.

SPY is at 168.82 down 0.54 or -0.32%.

The $RUT is at 1049 down 6 or -0.58%.

NASDAQ is at 3716 down 9 or 0.24%.

NASDAQ 100 is at 3176 down 4 or 0.12%.

The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is bearish.

How Oil Really Gets Priced

WTI oil is trading between 107.30 and 109.09 today. The session bias is positive and is currently trading down at 108.86.

Brent Crude is trading between 111.82 and gaping down to 110.02 today. The session bias is now positive and is currently trading down at 111.60. (gap has been closed)

Gold fell from 1365.15 earlier to 1326.28 and is currently trading up at 1331.80.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.213 falling from 3.278 earlier.

The US dollar is trading between 81.50 and 81.91 (gap at 81.50) and is currently trading down at 81.52, the bias is currently negative.

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Written by Gary