Markets Open Down On Heavy Volume

Written by Gary

Opening Market Commentary For 09-27-2013

Premarkets were down but about even with yesterday’s midpoint and nothing suggesting that we would have anything but another lackluster day.

Markets opened down as expected and quickly picked steam as the red volume reached up into the ‘heavy’ region and the trend was solidly down, but moving sideways by 10 am. Investors are becoming more concerned about government gridlock and the Fed’s inability to communicate to investors what they are going to do.

Several important gaps were filled on the SP500 and clears the way for advancement – if that is what Mr. Market has in mind. Several serious gaps remain for the small caps far below present levels is of concern among chartists and readers of tea-leaves.

The DOW at 10:15 is at 15237 down 96 or -0.93%.

The SP500 is at 1689 down 9 or -0.54%.

SPY is at 168.74 down 1 or -0.53%.

The $RUT is at 1073 down 5 or -0.45%.

NASDAQ is at 3776 down 11 or -0.29%.

NASDAQ 100 is at 3224 down 10 or -0.31%.

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

How Oil Really Gets Priced

WTI oil is trading between 102.36 and 103.44 today. The session bias is bullish and is currently trading up at 103.36.

Brent Crude is trading between 106.16 and 108.25 today. The session bias is bearish and is currently trading down at 108.75.

Gold rose from 1321.79 earlier to 1344.44 and is currently trading down at 1336.90.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.321 rising from 3.292 earlier.

The US dollar is trading between 80.70 and 80.22 and is currently trading up at 80.30, the bias is currently negative.

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Written by Gary