Premarket Bulls Stopped In Their Tracks

June 6th, 2012
in Gary's blogging

Premarket Commentary For 05-06-2012

Interesting premarket action in that the volume was extraordinary high unlike any in the past year or so. The premarket had opened at highs, partially due the European markets riding high in the water, that were quickly tempered by the bears. The SP500 was up to 1300.69 and with in 30 minutes was reduced to 1289.87. The 'dippers' were again present trying to be first in what they hope to be a bull run.

Follow up:

Markets fell a 'tad' with this report and quickly recovered

Headlines read this morning:

U.S. Unit Labor Costs (1Q) rose 1.3% vs. 2.1% expected and 2.0% prior

ECB's Draghi: Inflation likely to stay above 2% for the rest of the year.

FED'S LOCKHART: extending Operation Twist is an "option on the table". LOCKHART: Possible inflation consequences of Fed balance sheet.

LOCKHART: is certain Fed will scale back balance sheet.

LOCKHART: slowing in recovery could prompt support.

LOCKHART: Tightening won't be "overnight" .

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Written by Gary

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