Written by Gary
Midday Market Commentary For 10-29-2013
The markets are quiet, volume is low an the session direction is sideways making a rising triangle on low and falling volume.
By noon the small cap averages were mostly flat and several in the red while the DOW is putting in good numbers, but is it too late?
The fears of a market that is in a bubble has been expressed here many times and the heavy weights put in their two cents.
FINK SAYS IT’S “IMPERATIVE” THAT THE FED BEGIN TO TAPER
FINK CALLS MARKET ‘OVER-ZEALOUS’
FINK SAYS THERE ARE “REAL BUBBLE-LIKE MARKETS AGAIN”
So… the three largest banks/asset managers in the US say that Ben Bernanke has blown the largest asset bubble in history and that the time to taper has come.
Will Janet Yellen once again turn a blind ear to warnings that come not just from the “tinfoil” blogosphere but the “respected” legacy financial institutions made up of serious people?
And after the cataclysm [will she] admit that, just like last time, she “never saw it coming?”
The short term indicators are at 50-50 this morning making the morning untradeable. The talk on the street is that the taper Fed WILL NOT happen and the rumor is that they will actually increase it from current levels.
The DOW at 12:30 is at 15658 up 89 or 0.57%.
The SP500 is at 1770 up 7 or 0.42%.
SPY is at 176.93 up 0.73 or 0.42%.
The $RUT is at 1117 down 0.11 or 0.00%.
NASDAQ is at 3940 down 0.11 or 0.00%.
NASDAQ 100 is at 3383 up 0.51 or 0.02%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been positive and the current bias is sideways.
WTI oil is trading between 98.51 and 97.87 today. The session bias is sideways and is currently trading up at 98.30.
Brent Crude is trading between 109.49 and 108.57 today. The session bias is negative and is currently trading down at 108.77.
Gold fell from 1360.21 earlier to 1340.36 and is currently trading up at 1344.00.
Dr. Copper is at 3.284 rising from 3.246 earlier.
The US dollar is trading between 79.37 and 79.72 and is currently trading down at 79.67, the bias is currently positive.
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Written by Gary