Market Commentary: Congress In Holding Pattern As Is The Markets

Written by Gary

Midday Market Commentary For 10-04-2013

Same ‘ol, same ‘ol in Congress. Markets are plowing along nicely, but going nowhere. Boehner says, ‘This isn’t some game’ and he has no intentions of ‘rolling over’ on spending, so we might as well catch the next train out of the city and enjoy the weekend.

The DOW at 12:00 is at 15042 up 47 or 0.31%.

The SP500 is at 1685 up 7 or 0.41%.

SPY is at 168.46 up 0.84 or 0.50%.

The $RUT is at 1078 up 7 or 0.65%.

NASDAQ is at 3799 up 25 or 0.66%.

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

How Oil Really Gets Priced

WTI oil is trading between 102.89 and 104.17 today. The session bias is negative and is currently trading down at 103.62.

Brent Crude is trading between 108.60 and 109.75 today. The session bias is negative and is currently trading down at 109.12.

Gold fell from 1324.71 earlier to 1306.30 and is currently trading down at 1309.10.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.305 rising from 3.258 earlier.

The US dollar is trading between 79.78 and 80.09 and is currently trading up at 80.07, the bias is currently positive.

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Written by Gary