Written by Gary
Opening Market Commentary For 09-17-2013
Premarkets were up +0.06% this morning and remained up after the ‘not-so-good’ financial’s reported this morning, of course, what’s new? No Earth shaking World news has been reported and investors are still focused on what the Fed has to say.
Markets opened flat with the $RUT in the red (-0.05) on low to moderate volume. By 10 am the averages had melted upwards where the DOW had tested yesterday’s highs and paused. The SP500 was 2 points away from doing the same. The averages are all over the charts when looking for a ‘trend’ of some sort.
Lots of gaps below, technical indicators are at 50-50 and the averages haven’t taken off as they did yesterday, time to be careful.
The Fed’s start their meeting today and ending tomorrow. All eyes and ears will be tuned in for any hint of decreasing their bond purchasing, ala ‘tapering’. No one expects the bond purchasing to end, but will the tapering begin?
The entire investment community is focused on the Fed’s control of the financial world. Everything else, technical’s, news and even earnings (in 2 weeks) will take a back seat to the Dr. Ben’s financial carnival Keynesian side show unless Syria moves into an escalation phase.
Then we have the debt ceiling issue coming into view shortly, but that is another story. For today, sit back and continue to watch the Dr. Ben show with his side-kick monkeys trying to back peddle.
With Syria now quickly fading from the headlines and Wall Street believing that Yellen is a “shoe in” for the Fed, what headwinds still remain for the markets ahead…
The DOW at 10:30 is at 15547 up 52 or 0.34%.
The SP500 is at 1704 up 6 or 0.36%.
SPY is at 170.94 up 0.61 or 0.36%.
The $RUT is at 1060 up 4 or 0.36%.
NASDAQ is at 3734 up 16 or 0.43%.
NASDAQ 100 is at 3184 up 16 or 0.51%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is positive.
WTI oil is trading between 106.62 and 105.08 today. The session bias is negative and is currently trading down at 105.19.
Brent Crude is trading between 110.00 and 108.42 today. The session bias is negative and is currently trading down at 108.53.
Gold fell from 1323.43 earlier to 1303.19 and is currently trading down at 1308.90.
Dr. Copper is at 3.226 down from 3.238 earlier.
The US dollar is trading between 81.50 and 81.26 and is currently trading down at 81.37, the bias is currently sideways with a negative slant.
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Written by Gary