Written by Gary
Midday Market Commentary For 05-29-2014
Markets melted down from new highs to yesterdays sessions lows and then climbed back up near the morning highs doing a sea-saw along the way as volume falls.
By noon the averages were in the green, up a third of a point and wandering up and down on falling volume. The HFT algo computers are winding up for another afternoon of phoney market numbers. Oh wait, that howling was from Yellen’s Fed members and not from the crooks at the HFT centers.
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 10.01. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 40 % buy. (Down from 100% this morning, still very optimistic I think) Investing.com members’ sentiments are 68 % bearish.
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The DOW at 12:15 is at 16655 up 22 or 0.13%.
The SP500 is at 1914 up 4.50 or 0.23%.
SPY is at 191.81 up 0.42 or 0.22%.
The $RUT is at 1140 up 3 or 0.28%.
NASDAQ is at 4237 up 12 or 0.29%.
NASDAQ 100 is at 3724 up 12 or 0.32%.
$VIX ‘Fear Index’ is at 11.76 down 0.08 or -0.68%. Neutral Movement
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The longer trend is up, the past months trend is a positive trend, the past 5 sessions have been positive and the current bias is positive.
WTI oil is trading between 103.56 (resistance) and 102.62 (support) today. The session bias is positive and is currently trading down at 103.53.
Brent Crude is trading between 110.44 (resistance) and 109.73 (support) today. The session bias is negative and volatile and is currently trading up at 110.11.
Gold fell from 1260.12 earlier to 1251.53 and is currently trading down at 1256.30. The current intra-session trend is positive and volatile.
Dr. Copper is at 3.146 falling from 3.176 earlier.
The US dollar is trading between 80.60 and 80.39 and is currently trading down at 8.50, the bias is currently negative and volatile.
Real Time Market Numbers
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Written by Gary