May 31st, 2012
in Gary's blogging
After Market Closing Market Commentary For 05-30-2012:
Interesting day in that we saw the bulls try to pull a sick cow out of the mud pond, struggling since 11 this morning. That sucking sound you heard were the bears pulling it back in. At about 15 minutes to the close the markets were under heavy red volume profit taking. Markets took a nose dive and wiped out the gains for the day ending mostly down to flat. The after market activity is strangely quiet with IWM, UDOW, AEO, QQQ, TNA and TQQQ selling off.
The DOW is at 12393 down 26.41 or -0.21% (200 day MA is 12250, support is at 12288), the 500 is at 1310 down 2.99 or -0.23% (200 day MA is 1284, support is at 1288), the $RUT is at 761.82 down 0.18 or -0.02% (200 day MA is 755.90, support is at 746) and SPY is at 131.20 down 0.57 or -0.46% (200 day MA is 128.58, Support is at 129.20). The trend is down and the current bias is down. Dr. Copper dropped again today to 3.36.
Gold is down to 1563 with a neutral bias. WTI oil is at 86.53 being as low as 86.00 this afternoon. Brent crude was in the high 102's and is currently trading at 101.86.
None of the markets posed what I call bullish behavior today. The rise was on low green volume and even lower red volume took it down until the ending minutes of the session where the bears claws were digging in. I wouldn't be surprised to see a few more days like this as the supports remain a significant 'bear-ior' to break through. My SQQQ experiment bought yesterday at 52.84 closed today at 54.14.
The 500 at the close. The 500 didn't commit itself today.
The $RUT at the close. The Russell 2000 challenged the 200 day MA, but not its support and closing above the 200 day MA for another day.
The DOW at the close. The DOW definitely challenged its support and closed above it.
The Indexes at the close.
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Written by Gary