Live Market Commentary For 05-09-2012

May 9th, 2012
in Gary's blogging

Markets After The Close:

Comcast has screwed us again – no nice charts tonight - almost wasn't able to send this out.

The DOW closed at 12835 -97.03 or -0.75% and just above its 100 day MA, The SP500 closed at 1354 -9.14 or -0.67%, $RUT closed at 788.92 -4.14 or -0.52%. Gold down to 1589, WTI oil at 96.48 and Brent at 112.78. The USD inched its way up to 80.30 and it looks like it is going to be another down day tomorrow.

Follow up:


4:00 PM At the close: Nasdaq -0.39% to 2935.
Treasurys: 30-year +0.12%. 10-yr 0%. 5-yr 0%.
Commodities: Crude -0.48% to $96.54. Gold -0.83% to $1591.25.
Currencies: Euro -0.45% vs. dollar. Yen -0.3%. Pound +0.1%.

Markets At Noon:

Markets as reported earlier were moving sideways until 10 am when the red volume started to pick up pushing the market down until the 'dippers' moved in to snap up more of the 'new' dip created. What transpired was that the opening market numbers were NOT exceeded with the invigorated buying and the determined bears did not violate the supports and 100 day MA's as expected. They again turned down around 11:40, not going very far, but decreasing volume. This is a news event driven market and anything can happen, mostly bad.

The $VIX has been above the magical line of 20, separating the bulls and the bears, to as high as 21.56 and currently running at 19.95 with a rising bias. The DOW is at 12843 -91.92 or -0.71%, the 500 is at 1355 -8.51 or -0.62%, the $RUT is at 787 -5.09 or -0.64% and SPY is at 135.73. Gold hasn't moved much and is at 1593 inching up a bit, WTI oil and Brent has popped up a point to 96 and 112 respectively.

As the afternoon volume decreases I expect the markets to rise or at least stay above the morning lows. I suspect the markets will be holding on for another day and keeping the bears at bay. If the markets closed down below their respective supports and 100 day MA's tomorrow or the next session, I would expect the markets to break out of the lower channel started on March 6th. and proceeded lower. It is at that point where the pundits will be expressing their concerns over supports that may be valid or not.

After Market Opening Comments:

Markets opened down as expected and the 'Dippers” are out in force showing heavy green volume bringing the market off their lows a bit. The DOW down at 12797 and melted up to 12819 while the 500 opened down at 1348 and also melted up to 1351. Gold has come off its morning lows of 1579.20 and has climbed to 1685. WTI oil is at 95.83, Brent is at 111.83 and SPY has fallen further to 135.20.

Out side of the first 10 minute green volume the bears have stepped in and more or less moved the markets sideways. Total volume has dropped off dramatically by the 20 minute market and the supports and 100 day MA's are holding for now. This negative market is news driven, mostly from Greece and France.

Premarket Comments And Analysis:

Premarkets began down from yesterday's close earlier this morning carrying over the fears of Greece. As the morning advanced the markets continued to slide. The SP500 which closed yesterday at 1363 was as high as 1356 earlier this morning and has sense fallen to 1344. SSO, a key ETF, closed yesterday at 54.72 and has fallen 19 points to 53.55 and SPY closed yesterday at 137.12 and has fallen 2 points to 135.08.

WTI oil is down 2 points at 95.74, Brent is down 2 points to 111, gold was down 26 points from yesterday's 1605 day end to this mornings low of 1579. Currently gold is at 1586 and SLV is at 28.11, also depressed. NASDAQ is down 26 points or -o.99$ while the DOW is down 72 points or -0.56%.

More weakness is expected in the morning hours with a possible melting up during the afternoon.

To contact me with suggestions or deserved praise:

Written by Gary

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