Market Commentary: Markets Open Up and Move Sideways On Light Volume

Written by Gary

Opening Market Commentary For 10-25-2013

Premarkets were down -0.05% (flat) and slowly melted up to where they opened up at +0.20%. News is being discounted somewhat at the US Durable Goods rose 3.7% in September but while excluding transportation it fell -0.1%.

At 10 am the University of Michigan Confidence missed the street view of 75.0 coming in at 73.2. The markets did react positively, but with in 10 minutes slid back down to where it was on relatively light volume.

All in all the numbers were not very good but the markets melt up.

The first column is today reporting and the second column is what was expected by economists. The third column is the the last report.

The markets short indicators are 50-50 for this morning and melt into ‘sell’ as the time period moves out. The market is untradable.

The DOW at 10:15 is at 15538 up 28 or 0.19%.

The SP500 is at 1755 up 3 or 0.19%.

SPY is at 175.51 up 0.35 or 0.18%.

The $RUT is at 1120 up 1 or 0.09%.

NASDAQ is at 3952 up 23 or 0.60%.

NASDAQ 100 is at 3391 up 28 or 0.84%.

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

How Oil Really Gets Priced

WTI oil is trading between 96.95 and 97.86 today. The session bias is positive and is currently trading up at 97.94.

Brent Crude is trading between 106.42 and 107.39 today. The session bias is mixed with a negative slant and is currently trading up at 106.98.

Gold rose from 1336.58 earlier to 1348.32 and is currently trading up at 1347.00.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.246 falling from 3.269 earlier.

The US dollar is trading between 79.06 and 79.38 and is currently trading down at 79.26, the bias is currently negative.

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Written by Gary