June 13th, 2012
in Gary's blogging
Premarket Commentary For 06-13-2012
Premarket activity started out slowly at 7 am with SPY down a few cents and JNJ up 1.47%. By 8:30 more selling entered the picture with 'not so good' financial news. The SP500 started out at 1320, down 4 from yesterday's close and continued to melt down to 1312 by 8:45. The NQ 100 futures is down 11.60 and the DOW is down 30.
WTI oil is at 82.79 falling below its high of 83.80 earlier this morning.
Brent crude is at 97.49 currently and has a neutral bias.
Gold is up today at 1621, trading between 1607 and 1623 with a positive bias. Follow up:
Follow up:European markets are down today in the wake of continued mixed news coming from the EZ. The FTSE 100 in London is down -0.15% while the German DAX is down -0.52%. The CAC 40 in France is down -0.16%. The Asian markets closed up with the Hang Seng at 0.82. The Shanghai Composite up 1.27%. The Nikkei up 0.60%.
U.S. producer prices fell 1% in May from April, the biggest decline since July 2009 and a larger drop than the 0.6% decline expected. Excluding the food and energy components, prices were up 0.2% as expected.
U.S. retail sales fell 0.2% in May, in line with expectations. Excluding the auto segment, sales were down 0.4%, compared to expectations of no change.
“The indexes barely made a lower low yesterday and then rallied. The basing pattern remains in tact; price is unchanged in almost 4 weeks. Dips get bought, rallies sold. Whenever the market is range bound, it’s wise to take partial profits on initial moves because sometimes those moves are the only ones we get.”
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Written by Gary