Closing Market Commentary For 07-11-2012
Market closed mixed after the not so inspiring comments of no new QE just yet. Like I said earlier we may see a QE next June time frame or if the markets fall 15% or so. Until then, there will be no QE. Now we pay more attention to earnings and the terrible state of affairs the EU is in. The after market action did take away some of the gains made very late in the afternoon. The RRR** is still very narrow and caution is advised in try to guess Mr. Market's next move. Personally, I think down is the word to use for tomorrow, but I have been around way too long to get caught up in my bearish stance.
Don't look for any 2% waterfall action in the markets anytime soon just because the World financial situation is in dire straits. Any further descending in the markets will be slow and measured baring any unforeseen 'Black Swan' event. Further weakness in the markets is indeed warranted and should have been in place by now except for the MSM and the QE hopefuls pushing the markets upward.
More on FOMC Minutes: Expected 2012 GDP growth 1.9-2.4% from 2.4-2.9% in April.
2013 growth 2.2-2.8% from 2.7-3.1%. 2012 UE rate 8.0-8.2% from 7.8-8.0%.
2013 UE 7.5-8.0% from 7.3-7.7%. 2012 core CPI to 1.7-2.0%.
2013 core CPI 1.6-2.0%.
Core readings below the Fed's target of 2% suggest some room for further accommodation.
The DOW at 4:00 is at 12604 down 48.59 or -0.38%.
The 500 is at 1341 down 0.02 or -0.00%.
The $RUT is at 792.26 down 2.91 or -0.37%.
SPY is at 134.20 up 0.06 or 0.04%.
The trend is neutral and the current bias is neutral.
WTI oil is at 86.22 trading between 83.98 and 86.50 and the bias is positive.
Brent crude is at 100.70 trading between 97.85 and 100.85 and the bias is positive.
Gold is down today at 1576, trading between 1566 and 1582 with a neutral bias.
Dr. Copper is at 3.43 up from 3.39 earlier.
The 500 at the close. The charts are in a mess and little can be gleaned from them at this point.
The $RUT at the close.
SPY at the close.
The DOW at the close.
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Written by Gary