Markets Slightly Lower Waiting On China's Economic Data

June 8th, 2012
in Gary's blogging

Opening Market Commentary For 06-08-2012

Markets opened flat with little volume slowly grew negative with moderate red volume with the markets melting down. The volume at the 20 minute market was red but anemic with the DOW only off 51.00 and the SP500 off 6.00. It appears markets are down on expectations for weak economic data in the U.S. and China coming up later this evening.

All of Asia and European markets are lower today with shares in Germany off the most. The DAX is down 0.94% while France's CAC 40 is off 0.82% and London's FTSE 100 is lower by 0.78%. The Hang Seng closed down -0.94%. By 10am the markets started a melting up, but on anemic volume and remaining in a very tight trading range.

Follow up:

WTI oil is at 83.00 - its low earlier this morning was 82.05.

Brent crude is currently climbing at 98.18 and traded this morning at 97.25.

Gold is at 1576, trading between 1564 and 1558 with a neutral bias.

The DOW is at 12448 down 12.46 or -0.09% (200 day MA is 12285, support is at 12288, black cross formed) ).

The 500 is at 1313 down 1.56 or -0.14% (200 day MA is 1288, support is at 1288, black cross formed) ).

$RUT is at 760 down 0.05 or -0.01% (200 day MA is 758, support is at 746, black cross formed) ).

SPY is at 131.76 down 0.29 or -0.22% (200 day MA is 129, support is at 129.20, black cross formed) ).

The trend is down and the current bias is neutral.


Nasdaq -0.37% to 2821.
Treasurys: 30-year +0.89%. 10-yr +0.37%. 5-yr +0.15%.
Currencies: Euro -0.9% vs. dollar. Yen -0.26%. Pound +0.75%.

The premarket did not react to this reporting, markets remained flat to negative.



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Written by Gary

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