Written by Gary
Midday Market Commentary For 04-15-2014
Morning falling volume soon ramped up to moderate red volume that wiped away all of the mornings gains and sent the averages falling, The NASDAQ was off over 1 percent.
By noon the bears have once again taken control as we witnessed a classic ‘pump-n-dump’ and will probably see some more as the ‘Sheeples’ get sheared.
The short term indicators are leaning towards the hold side at the midday. The all important signs of reversal, up or down, have not bee n observed so we are mostly, at best, neutral and conservatively holding. The important DMA’s, volume and a host of other studies have not turned, only a past 6% correction (and recovery) and that is not enough for me to start shorting. The MACD has turned down slightly, but remains at zero. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 8 % buy. (Remember this has been negative for weeks.)
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The DOW at 12:00 is at 16121 down 51 or -0.31%.
The SP500 is at 1824 down 6 or -0.35%.
SPY is at 182.34 down 0.66 or -0.36%.
The $RUT is at 1103 down 12 or -1.10%.
NASDAQ is at 3973 down 50 or -1.25%.
NASDAQ 100 is at 3435 down 40 or -1.15%.
$VIX ‘Fear Index’ is at 16.88 up 0.77 or 4.97%. Bearish Movement
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The longer trend is up, the past months trend is sideways, the past 5 sessions have been negative and the current bias is negative.
WTI oil is trading between 104.03 (resistance) and 102.95 (support) today. The session bias is positive and is currently trading down at 103.72.
Brent Crude is trading between 109.25 (resistance) and 108.33 (support) today. The session bias is positive and is currently trading down at 109.06.
Gold fell from 1228.47 earlier to 1290.00 and is currently trading down at 1303.30. The current intra-session trend is positive.
Dr. Copper is at 2.983 falling from 3.046 earlier.
The US dollar is trading between 78.77 and 79.97 and is currently trading down at 79.87, the bias is currently positive. (Currently volatile)
Real Time Market Numbers
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Written by Gary