Market Commentary: Midday Averages Slide Sideways On Falling Volume

Written by Gary

Midday Market Commentary For 10-25-2013

The averages have basically moved up in a straight line for the past three sessions if that means anything. Investors are getting wary of this continuing bull market in light of financial news that is not getting any better, plus reports coming out of the Euro Zone of deteriorating conditions there.

By noon the averages have sea-sawed their way sideways on falling volume remaining near flat. The $RUT eased into the red around 11:30 am and is continue to melt down as other markets are beginning to look weak.

At noon the averages have once again today melted down to the morning lows testing the support. Mr. Market is not giving out any hints to what he has planned for the afternoon.

Short term indicators are still in the 50-50 zone with some emphasis on the sell side. The longer term indicators are also leaning toward the sell side too.

The DOW at 12:00 is at 15526 up 17 or 0.11%.

The SP500 is at 1754 up 2 or 0.09%.

SPY is at 175.33 up 0.18 or 0.10%.

The $RUT is at 1115 down 4 or -0.34%.

NASDAQ is at 3933 up 4 or 0.10%.

NASDAQ 100 is at 3375 up 12 or 0.37%.

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 negative 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 97.61.

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

Gold rose from 1336.58 earlier to 1348.32 and is currently trading down at 1345.60.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.266 rising from 3.234 earlier.

The US dollar is trading between 79.06 and 79.38 and is currently trading up at 79.31, the bias is currently negative.

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Written by Gary