Written by Gary
Midday Market Commentary For 03-11-2014
By 11 am the averages had melted up solidly into the green and at first looked like we going to see a new high on the SP500, alas, that hop was short lived.
By noon the averages had slipped back down to mixed, flat and unattractive status on low volume. The caution notice is out as indices could fall further today.
The short term indicators are leaning towards the hold side at the midday. The all important signs of reversal, up or down, have not been observed so we are mostly at best neutral and conservatively at hold. The 50DMA, MACD, volume and a host of other studies have not turned, only a 6% correction (and recovery) and that is not enough for me to start shorting. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 40% sell.
The Best Stock Market Indicator Update says the market is untradable. The OEXA200R ended the week at 82%, unchanged from last weekend.
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The DOW at 12:00 is at 16392 down 26 or -0.16%.
The SP500 is at 1874 down 3 or -0.15%.
SPY is at 187.88 down 0.29 or -0.15%.
The $RUT is at 1196 down 4 or -0.36%.
NASDAQ is at 4338 up 3 or 0.08%.
NASDAQ 100 is at 3715 up 8 or 0.23%.
$VIX ‘Fear Index’ is at 14.25 up 0.05 or 0.35%. Neutral Movement
The longer trend is up, the past months trend is positive, the past 5 sessions have been mixed and the current bias is negative.
WTI oil is trading between 101.51 and 100.47 today. The session bias is negative and is currently trading down at 100.52.
Brent Crude is trading between 108.07 and 107.42 today. The session bias is negative and is currently trading down at 107.55.
Gold rose from 1338.10 earlier to 1352.51 and is currently trading down at 1339.60. The current intra-session trend is negative.
Dr. Copper is at 2.957 falling from 3.056 earlier. (Low for the day 2.951)
The US dollar is trading between 79.83 and 80.05 and is currently trading down at 79.87, the bias is currently negative.
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Written by Gary