Market Commentary: Averages Plummet -1.60% As US Financial Worries Escalate

Written by Gary

Midday Market Commentary For 10-03-2013

After a brief sideways movement the averages started to slide down once more past the -1.00% mark. Investors are concerned that this additional slippage is forecasting things to come.

By noon the concept of bouncing off the morning lows had been tossed out the window as no signs of session bottoming was apparent.

The $VIX has for the first time in months climbed to 18.62 (and climbing) and that is certainly a worry point and long investors should be concerned.

The DOW at 12:00 is at 14953 down 181 or -1.20%.

The SP500 is at 1671 down 23 or -1.39%.

SPY is at 166.91 down 2.23 or -1.32%.

The $RUT is at 1065 down 18 or -1.61%.

NASDAQ is at 3755 down 60 or -1.57%.

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

How Oil Really Gets Priced

WTI oil is trading between 104.37 and 103.18 today. The session bias is negative and is currently trading down at 103.27.

Brent Crude is trading between 108.69 and 109.84 today. The session bias is bullish and is currently trading down at 109.03.

Gold rose from 1302.29 earlier to 1321.40 and is currently trading up at 1318.70.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.266 falling from 3.324 earlier.

The US dollar is trading between 80.00 and 79.72 and is currently trading down at 79.75, the bias is currently bearish.

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Written by Gary