After being mostly lower overnight, the market opened high this morning, with the Dow trading puls 40 at 10:00am. The rest of the major indexes were mixed. Oil traded lower overnight, and is trading at 104.60, Gold and Silver are mixed, with Gold trading lower at 1430.10 and Silver higher at 35.95. Copper is trading lower at 4.291 and looks to have broken a major up trend support line. Without its most recognized leader, Mr Market may find advancing more difficult.
The Euro got just above 1.40 before falling back, trading currently at 1.388, while the dollar finds a little strength, trading at 76.88. The Bond market has been all over the place overnight, finally losing bidders after the open. News out of Europe has the Greek 10 year note trading at 12.76% (can you believe that!), and the Portuguese 10 year has surged to 7.66%. While not at high as the Greek note, it is a new high for the Portuguese note. As the world has focused attention on the MENA region and the violence and oil production disruptions, the debt troubles of Europe continue to boil.
Light news day for the financial press...... must mean nothing is happening. As I started writing this post, the Dow has traded up, reaching plus 72, and the SPX reaching plus 7.05. All of the rest of the major indexes are now higher, with the Transports leading the way, up 1.68%. The SPY has gotten back with in its triangle pattern after breaking support yesterday. But it still has a way to go before breaking out to the upside.
The Momentum Change indicators are still Bearish, but we are watching carefully for any reversal.
Best to your trading!
Bill
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