Midday Market Commentary For 11-01-2013
By 11:30 am the averages were headed down -0.20% ($RUT -1.00%) but on low volume which doesn’t carry much weight as far as credible trends are concerned. Even the $VIX remained in the 13 area.
By noon the averages stabilized in a narrow trading zone that sea-sawed sideways and eventually lower with the large caps flat and the small caps leading the way down on low volume.
The short term indicators are leaning towards the sell side along with the longer outlook. If we get Fed tapering in December the markets will certainly react in a negative fashion. If the tapering begins in March 2014, like many believe it will, the markets are going to price that in by declining sooner. I am expecting weak to negative markets for the foreseeable future.
The DOW at 12:00 is at 15554 up 9 or 0.08%.
The SP500 is at 1754 down 1.99 or -0.11%.
SPY is at 175.39 down 0.40 or -0.23%.
The $RUT is at 1088 down 12 or -1.07%.
NASDAQ is at 3906 down 14 or -0.39%.
NASDAQ 100 is at 3366 down 11 or -0.33%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been sideways and the current bias is negative.
WTI oil is trading between 96.64 and 94.71 today. The session bias is negative and is currently trading down at 94.87.
Brent Crude is trading between 109.35 and 106.64 today. The session bias is negative and is currently trading down at 106.78.
Gold fell from 1327.28 earlier to 1305.84 and is currently trading up at 1309.10.
Dr. Copper is at 3.306 falling from 3.325 earlier.
The US dollar is trading between 80.35 and 80.86 and is currently trading up at 80.85, the bias is currently positive.
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Written by Gary