Written by Gary
Midday Market Commentary For 11-05-2013
The morning melt up has been progressing nicely and not unexpected. Many investors, including Wall Street insiders, are wondering why the this market still has legs, but understand the Viagra effect the continuing Fed’s intervention of QE. The last 7 sessions have done nothing except slide sideways as few are willing to speculate on this casino’s future.
By noon the averages were in flat land, red, but unlikely to see any green today as volume falls to anemic levels.
The noon indicators are still favoring the sell side and I wouldn’t terribly surprised to see a small 5% correction this week. If we get Fed tapering in December the markets will certainly react in a negative fashion and could fall in the range of a 20% decline. If the tapering begins in March 2014, like many believe it will, the markets are going to price that in by declining sooner, but not resulting in a waterfall. I am expecting weak to negative markets for the foreseeable future.
The DOW at 12:15 is at 15623 down 16 or -0.11%.
The SP500 is at 1764 down 3 or -0.20%.
SPY is at 176.47 down 0.36 or -0.21%.
The $RUT is at 1104 down 4 or -0.36%.
NASDAQ is at 3935 down 2 or -0.04%.
NASDAQ 100 is at 3383 down 1 or -0.04%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been sideways and the current bias is sideways.
WTI oil is trading between 94.82 and 93.42 today. The session bias is bearish and is currently trading down at 93.56.
Brent Crude is trading between 106.53 and 105.61 today. The session bias is bearish and is currently trading down at 105.72.
Gold fell from 1319.11 earlier to 1306.05 and is currently trading up at 1309.80.
Dr. Copper is at 3.256 falling from 3.276 earlier.
The US dollar is trading between 80.57 and 80.89 and is currently trading down at 80.77, the bias is currently positive.
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Written by Gary