June 18th, 2012
in Gary's blogging
Midday Market Commentary For 06-18-2012
Low volume has predominated today's market place repeating Friday's session action of a meaningless market melt up. I have to admit I was really hoping for a really big 2% gap and then retrace leaving a 'shooting star' candle. But, no instead we have a slow, no volume melt-up and narrow no playable RRR's. I mentioned several weeks ago that any market movements would probably be slow and small because the 'mattress money', fund markets and other large institutional concerns were more likely to sit on their hands. Just like clockwork DaBoyz have moved the markets up on thin volume screwing up the charts again. Follow up:
Follow up:Markets are showing some weakness, but I suspect it is the Pros doing some fleecing of the 'sheeples'.
3:00 PM On the hour: Dow -0.13%. 10-yr -0.07%. Euro -0.46% vs. dollar. Crude -1.36% to $83.19. Gold -0.04% to $1627.45.
The trend is neutral to bearish and the current bias is neutral.
WTI oil is currently at 82.86.
Gold is up from several sessions ago and stable at 1625 waiting . . .
The Asian markets closed up with the Nikkei up 1.77% as the European markets are closed and mixed after opening slightly up. The DAX is currently higher by 0.30%, while the CAC 40 is lower at -0.69% while the London FTSE 100 closed higher at 0.22%.
“So the Greek elections are over. Without getting into details and naming names, the parties that wished to stay in the euro and work with the EU on a bailout won, so for now there’ll be no ripping up the old bailout, leaving the euro and re-establishing a new currency. Markets around the world can now breathe a collective sigh of relief. It doesn’t mean things are better out there, and it certainly doesn’t change anything in Spain, Italy and other struggle countries, but it does mean some uncertainty has been lifted.”
No QE3 from Bernanke and $FED on Wednesday is going to be the death knell of the $EURUSD - maybe we get Twist extension, but taking a look at the charts from late-September, when Twist was announced, that was the final touch off before major slide in October 4 lows.
(MarketWatch) — The yield on Spain’s 10-year government bond shot to a euro-era high above 7% on Monday, knocking the wind out of stocks in the country, as markets brushed aside Greek election results to refocus on problems for the Iberian nation.
The yield ES:10YR_ESP +3.47% surged 30 basis points in the afternoon to 7.14%, after having breached the 7% level for the first time earlier in the day. The yield on Italy’s 10-year government bond IT:10YR_ITA +1.73% jumped 14 basis points to 6.07%.
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Written by Gary