July 12th, 2012
in Gary's blogging
Opening Market Commentary For 07-12-2012
Markets opened down, not too much of a surprise, but previous and current low volume sessions always leave me in a lurch deciding which way they will go. The red volume was moderate to low and not all that convincing that the down trend will continue for the day. The financial reporting was disappointing but not unexpected either. The market's charts and technical data is in a trashed state and not much can be gleaned from it. It appears the markets are in a intermediate zone of indecision and near-trend movements could go either way. I remain bearish but cautious as the bears take hold of this mornings markets.
U.S. import prices fell 2.7% in June, the biggest drop since December 2008 and a sharper decline than the 1.7% expected, as petroleum import prices fell 10.5%. June export prices fell 1.7%, more than the 0.3% decline expected.
New claims for unemployment benefits fell to 350,000 last week from an upwardly revised 376,000 the week prior. Claims were expected to fall to 372,000 from an initially reported 374,000.
The DOW at 10 am is at 12500 down 103 or -0.82%.
The 500 is at 1326 down 14.93 or -1.12%.
The $RUT is at 781.17 down 11.08 or -1.39%.
SPY is at 132.77 down 1.39 or -1.04%.
The trend is down and the current bias is down.
WTI oil is at 84.68 trading between 86.22 and 84.25 and the bias is negative.
Brent crude is at 99.39 trading between 105.60 and 98.75 and the bias is negative.
Gold is down today at 1556, trading between 1577 and 1555 with a negative bias.
Dr. Copper is at 3.40 down from 3.44 earlier.
European markets are down today. The FTSE 100 in London is down -1.19% while the German DAX is off -0.98%. The CAC 40 in France is also off at -0.59%. The Asian markets closed mostly down with the Hang Seng at -2.03. The Shanghai Composite up 0.46%. The Nikkei down -1.48%.
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Written by Gary