Written by Gary
Midday Market Commentary For 09-27-2013
Markets fell at the opening and have recovered slightly (+0.15%) from the morning lows but remain depressed at the -0.50% level. Volume is higher than past sessions with a particularly high red spike about 11:30, but trending remains positive as investor participation fall to anemic levels.
By noon the large caps were melting up at a snails pace while the small caps were even or descending. Overall, the markets look weak and poised to fall further.
This lack of recovery, Fed indecision and government gridlock is having a negative effect on investors. Short term indicators remain at 65% to 75% sell and hovering around 25% buy.
The DOW at 12:15 is at 15244 down 84 or -0.55%.
The SP500 is at 1691 down 8 or -0.45%.
SPY is at 168.87 down 1 or -0.48%.
The $RUT is at 1074 down 4 or -0.35%.
NASDAQ is at 3783 down 4 or -0.11%.
NASDAQ 100 is at 3230 down 4 or -0.11%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been down and the current bias is sideways.
WTI oil is trading between 102.36 and 103.76 today. The session bias is bearish and is currently trading down at 102.85.
Brent Crude is trading between 106.16 and 109.65 today. The session bias is bearish and is currently trading down at 108.45.
Gold rose from 1321.79 earlier to 1344.50 and is currently trading down at 1337.80.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.326 rising from 3.292 earlier.
The US dollar is trading between 80.70 and 80.21 and is currently trading up at 80.31, the bias is currently negative.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
Written by Gary
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