Russell 2000 Holds The key For future Market Advances

March 16th, 2012
in Gary's blogging, market open

Markets opened up slightly above yesterday's close. The DOW is currently at 13260 while the 500 is at 1404. The $RUT closed yesterday at 831.43 close to the previous 833.02 high and representing the resistance level to penetrate. Reaching as high as 832.75 it fell suddenly to 830 at 9:45 suspiciously just before the U of m announcement. The other markets also fell at the same time just before the March U. of Michigan Confidence index release. 76.0 was expected vs. 75.3 prior and it came in at 74.3. I always hate it when everyone else get advance notice of reports 5 minutes BEFORE they are 'officially' announced. After seeing a few of these, you know the market is manipulated and YOU as a cash customer do not have a chance.

The USD fell 76 cents from this mornings high stopping at a previous low on Monday the 12th. and the Euro has risen to 1.1373.

The financials for the day are mixed with the U of M depressing the markets. The fight for 1400 in the 500 will be for another day as the markets, under low volume, head south at least for the morning. Opps, before I can publish the markets have turned around and are headed back up again. This may be a sea-saw day going back and forth testing the previous highs. The Russell 200 is still the key for the markets to gain higher ground.

$RUT still holds the key and must advance beyond 833 or the large caps will lose their steam and advance no further.

Written by Gary

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