Written by Gary
Midday Market Commentary For 09-30-2013
Large caps have recovered almost half of this mornings drop and the small caps have recovered 90% of their fall. Investors are showing signs of renewed faith that the government shutdown crisis is going to be solved by midnight tonight. Volume is tapering off somewhat as the buying trend is melting up.
By noon the averages were starting to show signs of weakness and perhaps we have seen the highs for the day. It wouldn’t all that much to send the averages into a tail-spin and test the morning lows.
Today is not a good day for traders unless you like to guess. Please be careful.
The DOW at 12:00 is at 15156 down 102 or -0.67%.
The SP500 is at 1683 down 8 or -0.48%.
SPY is at 168.13 down 0.79 or -0.46%.
The $RUT is at 1071 down 3 or -0.29%.
NASDAQ is at 3772 down 9 or -0.25%.
NASDAQ 100 is off line.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been negative and the current bias is sideways with a slight positive trend.
WTI oil is trading between 103.15 and 101.05 today. The session bias is negative and is currently trading down at 101.75. (0.48 point gap at 102.85)
Brent Crude is trading between 108.95 and 107.23 today. The session bias is bearish and is currently trading down at 107.88. (gap at 108.42)
Gold fell from 1350.32 earlier to 1323.11 and is currently trading up at 1331.60.
Dr. Copper is at 3.329 rising from 3.294 earlier.
The US dollar is trading between 80.45 and 80.12 and is currently trading up at 80.27, the bias is currently bullish.
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Written by Gary