Written by Gary
Opening Market Commentary For 09-25-2013
Premarkets were in the green but flat at +0.02%. The prospect of a government shutdown and the Federal Reserve’s monetary policy, or lack of one, apparently has sent many investors back to the drawing boards of indecision.
Markets opened down -0.10% but quickly found support slowing the ‘melt-off’ which by 10 am found the averages sliding sideways mostly in the red at -0.10%. My bet is that we see more red in the coming hours.
It would appear we are witnessing a market holding pattern of sorts as the averages seem to be magically levitating in light of an inevitable decent to a landing; we can only hope it will be a soft one.
The tea leaves here at Econintersect are printing conflicting indicators as they usually do when markets are at, or near, a top. These tops can be real or not as indicators become confused because accurate trends are in doubt. Having said that, short term indicators are showing a 60% to 75% sell and a 20% to 25% buy. Long term remains 50-50 and not a reliable forecasting tool.
The DOW at 10:15 is at 15307 down 30 or -0.19%.
The SP500 is at 1694 down 3 or -0.20%.
SPY is at 169.12 down 0.43 or -0.25%.
The $RUT is at 1075 up 0.07 or 0.01%.
NASDAQ is at 3761 down 8 or -0.20%.
NASDAQ 100 is at 3208 down 10 or -0.32%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been down and the current bias is sideways with a negative slant.
WTI oil is trading between 103.13 and 103.95 today. The session bias is sideways and is currently trading up at 103.58.
Brent Crude is trading between 108.69 and 110.08 today. The session bias is negative and is currently trading up at 109.47.
Gold is trading between 1316.68 and 1329.92 and is currently trading up at 1323.60.
Dr. Copper is at 3.269 rising from 3.253 earlier.
The US dollar is trading between 80.46 and 80.74 and is currently trading up at 80.55, the bias is currently sideways.
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Written by Gary