Market Commentary: Averages Melt Back Up To Morning Highs On Falling Volume

Written by Gary

Midday Market Commentary For 04-24-2014

Pump-n-dump action on-going as the crooked market manipulators and HFT computers move the market up on falling volume. The volatility has been great for the traders, but investors trying to figure out where this market is headed is not an easy task. The DOW and SP500 are ‘trying’ to melt upwards but are finding the resistance just above the high marks of today’s session daunting and we could see a sell-off this afternoon. “Sheeples’ beware!

Savvy investors I have been talking to have increased their cash positions and are ‘gambling’ (my words) that the SP500 will at least attempt to better its previous historical highs soon. Increased volatility during the last few sessions is sometime indicative of impending weakness, but we will have to wait and see.

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 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 SP500 MACD has turned up, but remains above zero at 3.95. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 24 % buy. (Remember this has been negative for weeks.) Investing.com members’ sentiments are 71% bearish.

If you would like to get advanced buy/sell tweets, sign-up in the column to the right of this post by clicking on the ‘Follow‘ button. Write me with suggestions and I promise not to bite.

The DOW at 12:15 is at 16513 up 14 or 0.09%.

The SP500 is at 1881 up 5 or 0.28%.

SPY is at 188.01 up 0.55 or 0.29%.

The $RUT is at 1147 up 0.18 or 0.02%.

NASDAQ is at 4150 up 23 or 0.55%.

NASDAQ 100 is at 3589 up 32 or 0.91%.

$VIX ‘Fear Index’ is at 13.38 up 0.11 or 0.83%. Neutral Movement

(Follow Real Time Market Averages at end of this article)

The longer trend is up, the past months trend is sideways, the past 5 sessions have been positive and the current bias is elevated and trending sideways.

How Oil Really Gets Priced

WTI oil is trading between 102.31 (resistance) and 101.42 (support) today. The session bias is positive and volatile and is currently trading up at 102.06.

Brent Crude is trading between 110.23 (resistance) and 109.07 (support) today. The session bias is positive and is currently trading down at 110.12.

Gold rose from 1268.73 earlier to 1298.06 and is currently trading down at 1289.10. The current intra-session trend is sideways.

Analysts forecast a corrosive year for copper prices

Dr. Copper is at 3.120 rising from 3.055 earlier.

The US dollar is trading between 80.05 and 79.81 and is currently trading down at 77.86, the bias is currently negative and volatile.

Real Time Market Numbers

To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

[email protected]

Written by Gary