Written by Gary
Midday Market Commentary For 10-28-2013
Interestingly the volume has remained in the moderate to heavy all morning and hasn’t showed any significant moves to fall off like it normally does at this time. There was a relatively large sell off when the SP500 reached 1762.77 the high point today but the averages then moved back to the flat region.
By noon the averages were showing a spurt to the resistance line and that was about all the action so far today.
Short term indicators have moved back into the 50-50 zone for today’s session along with the longer term indicators. Most analysts are leaning towards more upside for the market in light of recent rumors on continuing QE at even larger than the current 85 billion per month.
Now is not the time to take on additional positions with so much market indecision coming into play.
The DOW at 12:00 is at 15563 down 5 or -0.03%.
The SP500 is at 1761 up 1 or 0.08%.
SPY is at 176.08 up 0.15 or 0.09%.
The $RUT is at 1114 down 4 or -0.35%.
NASDAQ is at 3933 down 10 or -0.24%.
NASDAQ 100 is at 3379 down 5 or -0.15%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been positive and the current bias is positive.
WTI oil is trading between 98.26 and 98.73 today. The session bias is positive and is currently trading down at 98.36.
Brent Crude is trading between 107.00 and 109.25 today. The session bias is positive and is currently trading down at 108.89.
Gold rose from 1346.30 earlier to 1361.52 and is currently trading down at 1353.80.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.269 falling from 3.285 earlier.
The US dollar is trading between 79.44 and 79.21 and is currently trading up at 79.43, the bias is currently positive.
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Written by Gary
