Live market comments for 04-09-2012

April 9th, 2012
in Gary's blogging, market open

Markets closed down without a rally. I guess DaBoyz have decided that they can rally the market back up when they want too. I just sit here watching – and watching. My time will come and I won't have to fight for it. Tomorrow is another day.

The DOW closed at 12929, the 500 at 1382, SSO at 56.05, SPY at 137.90, WTI oil up at 102.36, Brent after 122.19 fell to 121.90, gold fell from 1646 to 1641, GLD closed at 159.37 and SLV closed at 30.59.

The USD recovered from lows to 79.96 and the EUR/USD pair closed down at 1.3109. Tomorrow is an enigma as to what is going to happen as the 'Five-Fingered-Financiers' who work the night shift have yet to let us know. Good luck in guessing.

Follow up:

The 500 at the close. Notice how the lower support has been broken and headed for the next one. This chart, like the DOW and the $RUT, assumes the trends are viable in light of low volumes.

The DOW.

The Russell 2000. The gaps are a concern as they are usually closed sooner rather than later, indicating another run-up of the markets before we have the 'Sell-in-May' syndrome.

The Indexes.


All morning the markets have melted up slightly. Volume is anemic and not very encouraging to swing the market one way or the other. WTI oil fell as low as 100.80 and the climbed a point to 101.92 and fell back to 101.72.  The USD fell from 80.30 to 79.84 just pennies above it April 5th low. It has since moved back up a bit to 79.91. The Euro rose accordingly to 1.3133 from a low of 1.3032 and is at 1.3122. What is interesting is that the Euro didn't move proportionally to the USD falling and the markets have not reacted exactly positively to the USD falling. There is some serious weakness being perceived by investors.  The DOW at 2pm is at 12961, the 50 is at 1384, SSO is at 56.49, SPY is at 138.54 close to a support of 138.19. The Russell 2000 has stayed more or less the same at 804. The markets did rise as expected and a rally at the end of the day should not be out of the question.

Markets opened down this morning as expected but is very quiet after all the turmoil created with the NFP reported on Friday. The DOW opened to at 13067 and the SP500 opened down at 1398.

Volume for the first 20 minutes is moderate with the bulls in charge at first. The 'Dippers' were buying up the dip, but it looks like a weak attempt as the bears are selling too keeping the range narrow and tight. The volume has turned red and is falling.

The Russell 2000 gaped 9 points down from 817 to 808 and is currently at 804.29. It fell below a key support at 812.95. I'll be watching $RUT carefully today as it remains a key factor in the large caps returning to their highs.

Gold was at 1643 in premarket action haven risen after Friday's poor NFP numbers and is at 1643 and SLV is at 159.60. GLD was at 160.10 and fell to 159.60.

The DOW is currently at 12919 and the 500 is at 1379, SPY is at 138, SSO is at 56.03, Brent is at 101 having fallen from 122.80.

I expect the markets to melt up this afternoon and I wouldn't rule out a small rally. The Asian/Pacific markets closed down across the board. India, Japan, South Korea and Taiwan dropped more than 1%. Europe is closed today.

Written by Gary

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