Written by Gary
Midday Market Commentary For 06-10-2014
Depressed morning trading continued sideways in a sea-saw fashion as volume dropped to anemic levels by the noon hour.
There is nothing on the financial horizon that would suggest any changes in the markets current direction at this time. However, with investor complacency at its lowest in years, I would be especially alert for violent market swings, mostly down, that could occur at any time.
This market is especially ripe for volatility swings and a nasty correction downward is not out of the question.
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 18.72. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 40 % sell. (Up from 32% sell this morning) Investing.com members’ sentiments are 66 % bearish and Investors Intelligence sets the breath at 67 % bullish with the status at Bear Correction.
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The DOW at 12:00 is at 16927 down 16 or -0.09%.
The SP500 is at 1948 down 3 or -0.17%.
SPY is at 195.27 down 0.30 or -0.15%.
The $RUT is at 1168 down 8 or -0.66%.
NASDAQ is at 4330 down 6 or -0.15%.
NASDAQ 100 is at 3797 up 1 or 0.04%.
$VIX ‘Fear Index’ is at 11.17 up 0.02 or 0.18%. Neutral 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 depressed.
WTI oil is trading between 105.05 (resistance) and 104.38 (support) today. The session bias is sideways and volatile and is currently trading down at 104.47.
Brent Crude is trading between 109.50 (resistance) and 108.77 (support) today. The session bias is negative and is currently trading down at 108.84.
Maybe I’m Wrong – Justifying $2,000+ Gold by Jeffrey Dow Jones
Gold rose from 1262.49 earlier to 1263.30 and is currently trading down at 1261.00. The current intra-session trend is sideways and quiet.
Dr. Copper is at 3.050 rising from 3.028 earlier.
The US dollar is trading between 80.86 and 80.57 and is currently trading up at 80.85, the bias is currently elevated and sideways.
Real Time Market Numbers
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Written by Gary