Market Commentary: Markets Melt Back Up Slightly From Morning Doldrums

Written by Gary

Midday Market Commentary For 10-02-2013

The averages did move off their morning lows as expected, but much uncertainty remains as volume declines and the numbers stay in the -050% area.

By noon the numbers looked as if they were going to melt down a bit, but that is a guess. The most likely scenario is that the markets will close down modestly remaining in the trading zone of the past several sessions.

The longer this shutdown goes on the wider the number swings on any news, rumor or war mongering. Indicators still point to the sell side, longer views are simply unreliable.

The DOW at 12:00 is at 15110 down 82 or -0.54%.

The SP500 is at 1689 down 6 or -0.38%.

SPY is at 168.71 down 0.67 or -0.38%.

The $RUT is at 1082 down 5 or -0.46%.

NASDAQ is at 3808 down 10 or -0.25%.

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

How Oil Really Gets Priced

WTI oil is trading between 101.43 and 103.839 today. The session bias is positive and is currently trading up at 103.70.

Brent Crude is trading between 107.45 and 109.173 today. The session bias is positive and is currently trading up at 108.94.

Gold rose from 1278.23 earlier to 1323.66 and is currently trading down at 1315.70.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.307 rising from 3.249 earlier.

The US dollar is trading between 80.38 and 79.87 and is currently trading up at 79.93, the bias is currently neutral.

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Written by Gary