Written by Gary
Midday Market Commentary For 10-10-2013
Markets have continued to climb especially after Boehner suggested we kick the debt ceiling can down the road. Evident the HFT algo computers and some investors thought that was a good idea.
By noon the markets were up over +1.50% and some cases over +2.00% all on falling volume. The markets, despite the obvious hockey stick rise this morning, still look weaker than they did yesterday as the ‘Big Fall’ seems eminent to many investors.
Only time will tell if this house of cards is going to collapse on its own weight of debt. The continuation of Fed ‘free ice cream’ is almost certain with Ms. Janet Yellen stepping up to the Keynesian Power Throne.
Until the political factions really do something and avoid a default, the volatility will continue as it has the past two sessions.
The DOW at 12:30 is at 15039 up 237 or 1.60%.
The SP500 is at 1684 up 28 or 1.69%.
SPY is at 168.38 up 2.79 or 1.68%.
The $RUT is at 1066 up 22 or 2.14%.
NASDAQ is at 3751 up 74 or 2.00%.
NASDAQ 100 is at 3204 down 26 or -0.81%. (BIG RED FLAG)
The longer trend is up, the past months trend is negative, the past 5 sessions have been negative and the current bias is positive.
WTI oil is trading between 101.20 and 103.33 today. The session bias is positive and is currently trading up at 103.24.
Brent Crude is trading between 108.86 and 111.66 today. The session bias is positive and is currently trading up at 111.53.
Gold fell from 1311.77 earlier to 1294.45 and is currently trading down at 1299.90.
Dr. Copper is at 3.246 rising from 3.216 earlier.
The US dollar is trading between 80.41 and 80.67 and is currently trading up at 80.54, the bias is currently negative.
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Written by Gary