Sterling Market Commentary for October 14th, 2011

The overall market was rather dull yesterday.  It reminds me of an old saying about never shorting a dull market.  It looks like we may be seeing a rally in the high tech sector as many of the high tech indices put in good performances yesterday.  However while it is very tempting to declare the start of a market rally, which may be the case; I continue to stand by convictions that we need to see a close above 11,613.53 on the Dow Jones Industrial Average in order to confirm a breakout from the sideways pattern we’ve been in since mid-August.

In looking at the commodities markets,  Oil was lower by $1.34 to $84.23 per barrel, and Gold was lower by $14.10 to $1,668.50 per ounce.  In the Grain markets Wheat was lower by $0.086 to $6.18 per bushel, and Corn was lower by $0.024 to $6.382 per bushel, while Soybeans were higher by $0.174 to $12.57 per bushel.

The Bottom Line:  I expect the situation on the market to clarify itself within the next few days.