Written by Gary
Midday Market Commentary For 06-05-2014
At noon the SP500 set a new high at 1939.33 followed by the DOW at 16838 under moderate volume as the $VIX plunged to 11.60 just above the support at ~11.58. The BTFDers and ‘Sheeples’ are out in mass grabbing all they can so as not to miss out of the bull rush. I do wish them well, but do not share their exuberance into what looks painfully like a topping.
The short term indicators are leaning towards the hold side at the midday, but the session trend appears to be down. 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 14.84. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 56 % buy. Investing.com members’ sentiments are 67 % bearish.
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The DOW at 12:00 is at 16837 up 100 or 0.60%.
The SP500 is at 1939 up 11 or 0.28%.
SPY is at 194.37 up 1 or 0.60%.
The $RUT is at 1148 up 17 or 1.49%.
NASDAQ is at 4290 up 38 or 0.90%.
NASDAQ 100 is at 3773 up 29 or 0.78%.
$VIX ‘Fear Index’ is at 11.61 down 0.47 or -3.89%. bullish Movement
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The longer trend is up, the past months trend is positive, the past 5 sessions have been positive and the current bias is positive and volatile.
WTI oil is trading between 102.80 (resistance) and 101.60 (support) today. The session bias is sideways and VERY volatile and is currently trading up at 102.41.
Brent Crude is trading between 108.66 (resistance) and 107.78 (support) today. The session bias is positive and extremely volatile and is currently trading up at 108.39.
Maybe I’m Wrong – Justifying $2,000+ Gold by Jeffrey Dow Jones
Gold rose from 1241.31 earlier to 1257.73 and is currently trading down at 1254.60. The current intra-session trend is sideways.
Dr. Copper is at 3.091 falling from 3.107 earlier.
The US dollar is trading between 81.05 and 80.45 and is currently trading down at 80.58, the bias is currently negative and extremely volatile.
Real Time Market Numbers
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Written by Gary