Written by Gary
Opening Market Commentary For 10-11-2013
Premarkets were down ~-0.06% but remained steady after the University of Michigan Confidence came in at 75.2 dropping a whopping -2.3 from 77.5. Keep this number in mind because it will become important later.
Markets opened in the red, but flat. Within minutes the averages sailed up to yesterday’s highs and paused before climbing higher on falling volume. This rise (~+0.30%) looks more like the last minute ‘sheeples’ jumping in more than a continuation of euphoria from yesterday’s crowd.
I seriously expected the markets to open lower, but that is the way of the casino market place today. It is a throw of the dice when contemplating the next move of Mr. Market, HFT or the unsavory financial bas*ards that run amok on Wall Street. Of course, the influx of QE (Free Ice Cream) has been the main supporter of this continuing bull run and we are being assured of even more with the appointment of Janet Yellen to chair the Fed. The pressure to climb higher is there in force and it should be no surprise to see the average recover recover.
So I am not all that surprised to see the markets climb the wall made of cards. When it collapses, and it will, it isn’t going to be pretty to watch unless you like to see Tsunami’s slowly engulfing financial centers and laying to ruin everything in its path.
The indicators for the morning are 40% sell and the longer view still stands at 60% sell. Trade accordingly.
The DOW at 10:30 is at 15160 up 34 or 0.23%.
The SP500 is at 1695 up 2 or 0.15%.
SPY is at 169.45 up 0.28 or 0.17%.
The $RUT is at 1071 up 1 or 0.12%.
NASDAQ is at 3769 up 9 or 0.23%.
The longer trend is up, the past months trend is neutral to bearish, the past 5 sessions have been bearish and the current bias is positive.
WTI oil is trading between 102.91 and 100.62 today. The session bias is negative and is currently trading up at 101.29.
Brent Crude is trading between 111.84 and 110.53 today. The session bias is neutral with a positive slant and is currently trading up at 111.33.
Gold fell from 1294.56 earlier to 1262.75 and is currently trading down at 1266.00.
Dr. Copper is at 3.254 rising from 3.227 earlier.
The US dollar is trading between 80.55 and 80.33 and is currently trading up at 80.48, the bias is currently positive.
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Written by Gary