This Sideways Market Poised To Disappoint Bulls

June 26th, 2012
in Gary's blogging

Closing Market Commentary For 06-26-2012

Egan Jones Downgrades Germany From AA- To A+ and the markets don't react much, just a brief selling and then rebounded to exactly where it was. Boy I have a feeling when the markets decide to move, a lot of investors are going to get caught snoozing. What news there was today has largely been ignored and DaBoyz melted the markets up sucking in more sheeples to fleece later. Most indexes are at new supports developed over the past 2 weeks. They are minor, but psychologically represent a hurdle to cross. The Russell 2000 is stuck at its 200 day MA acting like a support. And so we end another day of 'Market Roulette' awaiting the 'Big Crisis' and the longer we wait the worse it will be. A sideways movement, like the past 2 sessions, always leads to a larger movement as a breakaway. This time the bulls are going to be disappointed.

Follow up:

WTI oil is at 79.38 trading between 79.60 and 78.70 and the bias is neutral.

Brent crude is at 93.12 trading between 93.30 and 90.35 and the bias is neutral.

Gold is down today at 1573, trading between 1587 and 1574 with a neutral bias.

Dr. Copper is at 3.31 down from 3.32 earlier.

The DOW is at 12534 up 32.01 or 0.26%.

The 500 is at 1320 up 6.27 or 0.48%.

The $RUT is at 765 up 3.12 or 0.41%.

SPY is at 132.16 up 0.84 or 0.64%.

The trend is neutral and the current bias is neutral.

The 500 at the close.

The $RUT at the close.

The DOW at the close.

To contact me with suggestions or deserved praise:

Written by Gary


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