First Day Of Second Quarter Opens With A Whimper And Low Volume

April 2nd, 2012
in Gary's blogging, market open

The first trading day of the second quarter showed a mixed futures in premarket morning activity. The better than average news from China on positive manufacturing data moved World market higher early on but futures melted down by the opening bell. The Asian Markets ended mixed with the Hang Seng closing down 0.16%.

The Eurozone unemployment numbers were released reaching a 15-year high of 10.8% and sent the European markets tumbling. In spite of the World's second largest economy improving report, the 17 million unemployed in the Eurozone took precedence.

Follow up:

European markets are currently mixed to lower. Shares in France are off as the CAC 40 drops 0.53%. The DAX is down 0.06% while the Footsie (FTSE) 100 in London is up slightly at 14%.

The US markets opened flat with the DOW closing on Friday at 13212 now at 13171, the 500 closed Friday at 1408 and opened at 1406, The Russell 2000 closed Friday at 830 and opened at 827.91.

Gold is at 1666.53 starting out at 1663.10 early this morning and reaching a high of 1669.72 an hour ago. GLD is at 161.94, SLV is at 31.50, SSO is at 58.10 and falling, SPY is at 141.40 moving down from Fridays close of 140.90.

WTI oil opened this morning at 103.59 and steadily moved lower to 102.20 and is now at 102.24. Brent made a similar move from the high 122's to 120.96 and is currently at 121.22.

The first 10 minute volume was anemically low and red and we can't expect anything useful in market movements until this anomaly picks up.

USD ISM Manufacturing (MAR) data is to be release at 10 am along with Construction Spending (MoM) (FEB) and ISM Prices Paid (MAR).

Today at noon, Fed's Bullard Speaks at Tsinghua University and Fed's Pianalto Speaks on Monetary Policy in Ohio at 12:30.

Written by Gary

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