Written by Gary
Midday Market Commentary For 06-19-2014
Noontime markets have slowly melted off the morning highs to flat status on falling volume. Brent oil and gold has risen and the US dollar has fallen and the $VIX remains in the mid 10’s.
By noon investors were taking the day off and letting the HFT algo computers take over, but why are they pushing the markets down? Should we be concerned or is this just relieving an overbought condition?
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 flat, but remains above zero at 16.04. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 56 % buy. (down from 64 buy from this morning) Investing.com members’ sentiments are 64 % bearish and Investors Intelligence sets the breath at 67.4 % bullish with the status at Bear Correction.
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The DOW at 12:00 is at 16875 down 31 or -0.18%.
The SP500 is at 1956 down 2 or -0.08%.
SPY is at 196.15 down 0.12 or -0.06%.
The $RUT is at 1181 down 2 or -0.18%.
NASDAQ is at 4352 down 11 or -0.25%.
NASDAQ 100 is at 3795 down 10 or -0.26%.
$VIX ‘Fear Index’ is at 10.54 down 0.07 or -0.56%. 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 negative.
Crude futures in Asia climbed higher today, after data was revealed showing a 579k barrel decrease in U.S. weekly oil stockpiles, and a growing crisis in Iraq. Still, U.S. domestic crude production is currently its highest in 28 years.
WTI oil is trading between 106.36 (resistance) and 105.13 (support) today. The session bias is mixed and volatile and is currently trading up at 105.81.
Brent Crude is trading between 115.04 (resistance) and 114.13 (support) today. The session bias is positive and is currently trading up at 114.83.
Maybe I’m Wrong – Justifying $2,000+ Gold by Jeffrey Dow Jones
Gold rose from 1268.68 earlier to 1299.94 and is currently trading down at 1299.20. The current intra-session trend is positive and volatile.
Global Copper Outlook: Set To Miss The Forest For The Trees by Derek Hamill
Dr. Copper is at 3.064 rising from 3.043 earlier.
The US dollar is trading between 80.77 and 80.23 and is currently trading down at 80.32, the bias is currently depressed and sideways.
Real Time Market Numbers
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Written by Gary