Housing Starts and Jobless Claims were weaker than expected, ditto Philly Fed, and WMT earnings disappoint. No worries, bad news is good news, so, like Pavlov's dog, traders keep markets buoyant since more QE will be on the way. The central bankers have created a Frankenstein monster and QE is the market nowadays. Volatility remains key. The VIX pushed up through the 13.20 bull-bear danger line but once again, the bears run out of gas and collapse falling back through 13. The VIX is printing 12.85.
The market bears had it within their grasp again today. Once the VIX moves above 13.20, the bears need to push the SPX under 1647 and Keybot the Quant will likely flip short. The SPX LOD is 1653.35 six points away and volatility fell again so all bets are temporarily off for the bears. TRIN is 1.01, dead flat, so markets are dead flat today, unable to decide on a direction. The 10-year yield is 1.87% dropping ever since the poor data this morning, from 1.95% to 1.87%, eight basis points. Lower yields should pressure equities but do not. The dollar/yen is 102.22 remaining flat for a few hours. Crude oil is 94.90. Copper was down this morning and now is up.
Note Added 1:11 PM: VIX 12.86. TRIN 0.96. SPX 1657.75 (smack-dab at the 8 MA described on the 30-minute chart). HOD 1660.51. LOD 1653.35. It is a paint-drying day so far. Volatility will tell the story.
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