Market Commentary: Trading In Narrow Range, Averages Sliding Sideways

Written by Gary

Midday Market Commentary For 12-09-2013

Morning weakness turned around and the SP500 tried again to best its opening high but failed and slowly started to melt downward with the falling volume. The $VIX remains in the high 13’s, volume is at anemic levels and time for the HFT algo computers to step in am make faux towards the top.

By noon the averages were starting to slide sideways in an otherwise quiet market, but I wouldn’t advise a long lunch as it is possible for the days advances to disappear.

The short term indicators are leaning towards the sell side at the midday, but I would advise caution in taking a position because of the Fed’s cryptic utterances in hinting when the taper will begin and by how much. I would also take chart and other technical indicators with a grain of salt for the time being and watch what the Fed does WHEN it actually does something.

The longer 6 month outlook remains 40-60 sell until we can see what the Fed is actually going to do, simple as that.

The DOW at 12:15 is at 16035 up 15 or 0.09%.

The SP500 is at 1809 up 4 or 0.23%.

SPY is at 181.40 up 0.45 or 0.25%.

The $RUT is at 1128 down 4 or -0.31%.

NASDAQ is at 4068 up 6 or 0.14%.

NASDAQ 100 is at 3516 up 12 or 0.34%.

The longer trend is up, the past months trend is bullish, the past 5 sessions have been positive and the current bias is negative.

How Oil Really Gets Priced

WTI oil is trading between 97.96 and 97.33 today. The session bias is negative and is currently trading up at 97.72.

Brent Crude is trading between 111.75 and 109.77 today. The session bias is negative and is currently trading down at 109.84.

Gold rose from 1226.69 earlier to 1237.43 and is currently trading down at 1233.40.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.253 rising from 3.231 earlier.

The US dollar is trading between 80.32 and 80.17 and is currently trading up at 80.21, the bias is currently sideways.

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Written by Gary