Market Commentary: Markets Sea-Saw Consolidating For Next Move

Written by Gary

Midday Market Commentary For 10-18-2013

Noontime rolled around and the averages are doing the sea-saw thing on low to moderate volume. Not enough volume to be testing the upper resistance so the markets must be consolidating.

Seriously, the numbers are not there for further advancement, but the ‘Market Viagra’ being supplied by the Feds every month is certainly have its effect providing support for an otherwise floundering economy.

The European’s and the BRICS couldn’t possibly be of any help keeping this house of cards from collapsing and it looks shakier by the day. The charts are looking eerily like early 2008 and the light at the end of the tunnel looks more like a train wreck on it way. I don’t see much hope for new highs with a weak economy, poor employment figures, increase debt and spending and the best solution the US Government can come up with is to kick the can down the road.

The DOW at 12:15 is at 15364 down 8 or -0.06%.

The SP500 is at 1740 up 7 or 0.40%.

SPY is at 173.95 up 0.72 or 0.42%.

The $RUT is at 1110 up 7 or 0.67%.

NASDAQ is at 3897 up 34 or 0.88%.

NASDAQ 100 is at 3338 up 36 or 1.10%.

The longer trend is up, the past months trend is mixed, the past 5 sessions have been positive and the current bias is sideways with a positive slant.

How Oil Really Gets Priced

WTI oil is trading between 101.71 and 100.52 today. The session bias is negative and is currently trading down at 100.79.

Brent Crude is trading between 110.24 and 108.96 today. The session bias is negative and is currently trading up at 109.44.

Gold fell from 1325.86 earlier to 1313.39 and is currently trading down at 1315.80.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.298 falling from 3.319 earlier.

The US dollar is trading between 79.82 and 79.55 and is currently trading up at 79.67, the bias is currently positive.

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Written by Gary