Written by Gary
Midday Market Commentary For 07-15-2014
Morning action was volatile as gold took a dump to 1293.18 along with most of the averages which leads me to believe it is a temporary decline again.
By noon the averages started to decline again to new lows for the day on moderate, sometimes heavy red volume.
The medium 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 down, but remains above zero at 11.22. I would advise caution in taking any position during this uncertain period.
Barchart.com shows a 88 % buy. (Been at 88% for the last 5 sessions, I think their meter is broken) Investing.com members’ sentiments are 60 % bearish and Investors Intelligence sets the breath at 67.7 % bullish with the status at Bear Correction. (Chart Here )
StockChart.com NYSE Bullish Percent Index ($BPNYA) is at 72.43. (Chart Here )
StockChart.com S&P 500 Bullish Percent Index ($BPSPX) is at 84.20. (Chart Here )
The markets are still susceptible to climbing on ‘Bernankellen’ vapor, use caution!
If you would like to get advanced buy/sell tweets, sign-up in the column to the right of this post by clicking on the ‘Follow‘ button. Write me with suggestions and I promise not to bite.
The DOW at 12:00 is at 17019 down 37 or-0.21%.
The SP500 is at 1968 down 9 or -0.47%.
SPY is at 196.66 down 0.95 or -0.50%.
The $RUT is at 1150 down 16 or -1.33%.
NASDAQ is at 4398 down 42 or -0.95%.
NASDAQ 100 is at 3896 down 34 or -0.87%.
$VIX ‘Fear Index’ is at 12.31 up 0.49 or 4.15%. Bullish Movement
(Follow Real Time Market Averages at end of this article)
The longer trend is up, the past months trend is positive, the past 5 sessions have been positive and the current bias is elevated and volatile.
Oil stays near $101 a barrel; US gasoline prices slip to 3-month low
WTI oil is trading between 101.03 (resistance) and 99.01 (support) today. The session bias is negative and is currently trading up at 99.19.
Can Oil Stop Its Slide?
Tuesday, July 15, 2014 Crude Oil futures have fallen to 3 month lows, as tensions in Iraq and Libya have eased a bit. In Iraq, rebels have control of significant portions of the northwestern part of the country, but the…
Brent Crude is trading between 107.68 (resistance) and 105.59 (support) today. The session bias is negative and is currently trading up at 105.99.
Gold prices sink as worries over Europe that drove prices up last week dissipate
Gold rose from 1306.66 earlier to 1293.18 and is currently trading up at 1296.20. The current intra-session trend is negative.
Dr. Copper is at 3.250 rising from 3.223 earlier.
The US dollar is trading between 80.47 and 80.18 and is currently trading up at 80.42, the bias is currently positive and very volatile.
Real Time Market Numbers
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
Written by Gary
