Midday Market Commentary For 04-23-2014

Session head and shoulders appears to be unfolding on the SP500 at the noon hour or perhaps an acceding triangle that will break one way or another. This type of volatility should please the traders, but not so the investors looking to jump on the bull train early.

By 12 pm the averages were mostly flat after sea-sawing up and down all morning. The afternoon session direction is in doubts until something a bit more concrete happens.

US earnings disappoint investors as today's session sea-saws sideways.

A six-day advance on the stock market peters out as some US company earnings disappoint

NEW YORK (AP) - The stock market is slightly lower after a six-day advance as several U.S. companies report disappointing earnings. Norfolk Southern, Procter & Gamble and Avery Dennison fell after reporting their latest quarterly results.

Intuitive Surgical dropped 9 percent after the company said it sold only half has many surgical robots in the last quarter as it did in the same period a year ago. Not all the earnings news was bad.

Delta Air Lines rose 5 percent after its first-quarter earnings climbed. The Standard & Poor's 500 index fell two points, or 0.1 percent, to 1,877 in midday trading Wednesday.

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, only a past 6% correction (and recovery) and that is not enough for me to start shorting. The MACD has turned up, but remains above zero at3.33. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 48 % buy. (Remember this has been negative for weeks.) Investing.com members' sentiments are 65% bearish.

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The DOW at 12:15 is at 16492 down 22 or -0.14%.

The SP500 is at 1877 down 2 or -0.13%.

SPY is at 187.63 down 0.27 or -0.14%.

The $RUT is at 1152 down 4 or -0.33%.

NASDAQ is at 4138 down 24 or -0.57%.

NASDAQ 100 is at 3565 down 23 or -0.66%.

$VIX 'Fear Index' is at 13.39 up 0.21 or 1.59%. Neutral Movement

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The longer trend is up, the past months trend is sideways, the past 5 sessions have been positive and the current bias is negative.

WTI oil is trading between 102.05 (resistance) and 101.20 (support) today. The session bias is neutral and is currently trading down at 101.64.

Brent Crude is trading between 109.52 (resistance) and 108.60 (support) today. The session bias is negative and is currently trading down at 108.64.

Gold fell from 1288.94 earlier to 1281.00 and is currently trading up at 1284.80. The current intra-session trend is sideways.

Analysts forecast a corrosive year for copper prices

Dr. Copper is at 3.059 rising from 3.031 earlier.

The US dollar is trading between 80.00 and 79.77 and is currently trading down at79.91, the bias is currently positive.