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 SP500MACD 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!
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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%.
