Written by Gary
Midday Market Commentary For 11-12-2013
Up, Down, up, down all morning long with the bulls and bears really dueling it out for position. Both sides think they know where the markets should go and around and around we go. Best to let the Wall Street crooks, HFT computers and the ‘Sheeples’ duke it out while the savvy investors sit and watch.
By noon the averages descended to the morning lows under ‘relatively’ moderate volume but not giving any hint of further action.
The afternoon could be another tight and narrow range bound trading session as volume has fallen to anemic levels.
The short term indicators are still leaning towards the sell side midday, but I would advise caution because of the Fed’s reluctance to give any hints of when the taper will begin. I would take chart and other technical indicators with a grain of salt for the time being and watch the Fed.
The longer 6 month outlook remains 40-60 sell until we can see what the Fed is going to do. 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. Also, many pundits have stated that we may have seen the top – but I wouldn’t count it as long as the Fed continues to hand out ‘Market Viagra’! I would like to see a blowout candle to verify a top.
The DOW at 12:00 is at 15733 down 50 or -0.30%.
The SP500 is at 1767 down 5 or -0.28%.
SPY is at 176.86 down 0.47 or -0.27%.
The $RUT is at 1098 down 3 or -0.27%.
NASDAQ is at 3911 down 9 or -0.23%.
NASDAQ 100 is at 3359 down 4 or -0.11%.
The longer trend is up, the past 12 months trend is bullish, the past 10 sessions have been sideways and the current bias is negative.
WTI oil is trading between 95.21 and 94.22 today. The session bias is negative and is currently trading up at 94.31.
Brent Crude is trading between 107.02 and 105.57 today. The session bias is negative and is currently trading up at 106.14.
Gold fell from 1284.50 earlier to 1273.26 and is currently trading down at 1273.90. The current bias is negative.
Dr. Copper is at 3.232 falling from 3.254 earlier.
The US dollar is trading between 81.54 and 81.07 and is currently trading up at 81.25, the bias is currently positive.
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Written by Gary