Written by Gary
Midday Market Commentary For 05-28-2014
Dippy-do market is confusing even the most talented traders today as the markets mark new record highs then skid downward only to slide back up the markets slippery slope. Surprisingly the is little volume suggesting the Wall Street Crooks and the HFT algo computers are shaking the ‘Sheeple’ tree and picking off the low hanging fruit.
By noon the DOW was in the red with the small caps, but the SPY and SP500 were up slightly (+0.06%) confusing investors on direction. I can’t emphasis enough to use extreme caution if you care to dip your toes into the markets waters.
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 and that is not enough for me to start shorting. The SP500 MACD has turned up, but remains above zero at 9.21. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 96 % buy. (GASP!) Investing.com members’ sentiments are 69 % bearish.
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The DOW at 12:15 is at 16660 down 15 or -0.09%.
The SP500 is at 1913 up 1 or 0.06%.
SPY is at 191.65 up 0.15 or 0.08%.
The $RUT is at 1138 down 5 or -0.41%.
NASDAQ is at 4236 down 0.36 or -0.01%.
NASDAQ 100 is at 3726 up 3 or 0.07%.
$VIX ‘Fear Index’ is at 11.51 up 0.01 or 0.09%. Neutral Movement
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The longer trend is up, the past months trend is trending up, the past 5 sessions have been positive and the current bias is positive.
WTI oil is trading between 104.39 (resistance) and 103.42 (support) today. The session bias is sideways and is currently trading up at 103.62.
Brent Crude is trading between 110.39 (resistance) and 109.43 (support) today. The session bias was negative and now trending upwards and is currently trading up at 109.70.
Gold fell from 1267.42 earlier to 1256.28 and is currently trading up at 1258.90. The current intra-session trend is negative.
Dr. Copper is at 3.175 rising from 3.162 earlier.
The US dollar is trading between 80.61 and 80.37 and is currently trading up at 80.60, the bias is currently positive and volatile.
Real Time Market Numbers
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Written by Gary