June 15th, 2012
in Gary's blogging
Closing Market Commentary For 06-15-2012
Thanks God this week is over, but we have an even worse one coming up.
The markets made a steady melting up as the day progressed but on miniscule volume which points directly to the HFT's and DaBoyz. They are manipulating the market to suit their own needs and fleecing any 'sheeples' that wander in. Somehow the 'dippers' decided to show during the last few minutes and unbelievably drove the markets up a few more points. After market action has some negativity to it as there is a minor reversal going on.
Yesterday and today's sessions were built on pure and plain rumors and investors totally disregarded the really poor financial reports this morning. This will come back to haunt the poor greedy and uniformed 'sheeples' that bought into this fool hardy run up. It would not have been so bad for day trading if the RRR (Risk/Reward Ratio) range was wider.
Rumors and suckers abound make the market go around. Follow up:
Follow up:The Zerohege has an interesting article on the rumors which I firmly believe that DaBoyz start so the can make a buck and the MM can also get attention with eye opening news headlines. There is a sucker born every minute.
Yesterday's rumor that global central banks may, just may, respond to a Greek exit from the Eurozone, which would send the world into tailspin sent stocks higher. Because without said rumor nobody, repeat nobody would possibly imagine that there could be a coordinated response to an event that would send global risk down over 20%. Today, it gets even dumber:
ECB MAJORITY SAID TO OVERCOME CONCERN ON CUTTING DEPOSIT RATE.
ECB POLICY MAKERS HAVE OVERCOME A KEY CONCERN ABOUT TAKING THE BECHMARK RATE BELOW 1%
At least yesterday the source was some discredited G-20 member. Now it appears that the media has a front-row seat to ECB deliberations. Fascinating. And what is even more fascinating is that the market continues to fall for these rumors "breaking news" and rumors time after time after time...
The 500 at the close.
The $RUT at the close.
The DOW at the close.
We covered our short positions on Wednesday with a 5.24 point profit in the bank. Want to know what we are thinking today, become one of our preferred subscribers.
To contact me with suggestions or deserved praise:
Written by Gary