Live Market Commentary For 05-24-2012

May 24th, 2012
in Gary's blogging

After Market Closing Comments:

I love it – volatility is coming back! Best news for the trader.

The markets closed up having been depressed for most of the afternoon and made a mad dash to close up during the last 30 minutes. However this is a good setup for a down day tomorrow – watch yourselves. The charts today look like yesterday's, well almost, but not much happened as we wind down to the long weekend

The DOW is at 12529 up 33.60 or 0.27%, the 500 barely made it to the positive side and is at 1320 up 1.82 or 0.14%, the $RUT is at 766 up 1,40 or 0.18% and SPY is at 132.83 up 0.57 or 0.43%. The trend is up for the day and the current bias is neutral.

Gold is at 1559 with a positive bias. WTI oil is at 90.83and Brent crude climbed to 106.92.

Follow up:

Noon Market Commentary:

Markets remained basically unchanged at noon but sprinkled with negative flavors looking to see lower figures befor the end of the day. Reported at DailyFX, US Dollar Continues to March Higher as S&P 500 Treads Water

US Dollar continues to defy overbought technical studies to push higher but the S&P 500 is conspicuously lacking of direction near familiar levels.”

The DOW is at 12454 down 38.03 or -0.30%, the 500 is at 1314 down 4.00 or -0.30%, the $RUT is at 759 down 5.81 or -0.76% and SPY is at 131.92 down 0.39 or -0.29%. The near trend is down and the current bias is sideways.

Gold is still at the1570 level with a slightly negative bias. WTI oil has risen to 91.21 as Brent crude has remained in the mid 106's and is currently trading sideways.

After Market Opening Comments:

Market did open higher to flat, descended to yesterday's close and started trading in an exceedingly narrow range as investors tried to decide what to do next. The red volume at the start was moderate, but quickly fell off at 9:45 and turned green as the 'dippers' jumped in. The DOW remained in the red, the 500 showed some life being in the green briefly and the $RUT was solidly in the red.

The brief bull attempt to breath life in this market was finally put out as the bears timidly crept in to take the lead.

The DOW is at 12463 down 31.94 or -0.28%, the 500 is at 1316 down 2.27 or -0.15%, the $RUT is at 761 down 3.26 or -0.41% and SPY is at 132.25 down 0.05 or -0.05%. The trend is down and the current bias is down.

Gold is down to 1570 with a negative bias. WTI oil is at 90.81 being as low as 89.00 this morning. Brent crude is in the mid 106's and is currently falling lower.

Premarket Commentary:

The premarket futures has the SP500 at a high of 1323, a low of 1306 earlier and averaging 1321, up 3.25. The DOW is up 17 and the NASDAQ is up 2.25. The morning financial report didn't at first have any impact on the market numbers, but finally they started to melt up. From 30,000 feet all the news would indicate at least a flat opening for the markets.

Although Europe's markets can't be counted on to effect the US markets they are broadly higher today. With the Footsie in London leading the region. The FTSE 100 is up 1.36% while France's CAC 40 is up 0.95% and Germany's DAX is up 0.51% after Angela Merkel said “Debt crisis shows that investors have lost trust. Market trust can only be regained with 'hard work'”.


Moody's affirms France's AAA-rating and its negative outlook, saying it would raise its outlook if the country's debt metrics improve but would cut if its contingent liabilities increase. Moody's adds that France's plan for sustainable finances is positive.”

The first colum is what is being reported, the second is what was expected and the third is the last report figures.

To contact me with suggestions or deserved praise:

Written by Gary

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