Fourth Day Down A Lucky Market Number?

July 24th, 2012
in Gary's blogging

Closing Market Commentary For 07-24-2012

From the opening bell the markets slid south on sometimes moderate volume. Around 3:30 the 'BTFD dippers' came alive and move the markets up slightly about a 1/2 percent on very heavy green volume. Interesting in that do these 'buyers' know something we don't know?

This marks the fourth day down and should the fifth be the one that rebounds? Stay tuned for tomorrow we will find out.

Follow up:

The DOW at 4:00 is at 12617 down 104 or -0.82%.

The 500 is at 1338 down 12.21 or -0.90%.

The $RUT is at 767.75 down 11.15 or -1.43%. (Leads the pack once again – bearish.)

SPY is at 133.59 down 1.51 or -1.12%.

The trend is down and the current bias is neutral.


WTI oil is at 88.64 trading between 89.08 and 87.45 and the bias is positive. It recent highs is at 91.65

Brent crude is at 103.61 trading between 104 and 102 and the bias is positive although it fell from 106 yesterday..

Gold is down today at 1581 trading between 1572 and 1588 with a positive bias.

Dr. Copper is at 3.36 down from 3.39 earlier. Current bias is negative.

The USD climbed from 84.03 to 83.82 earlier and late in the afternoon climbed as high as 84.17 and is now 84.08. Further declines sometime in the future days are expected to cover a gap made yesterday at 83.62. This usually means the US markets will rise as the USD falls. Look for this gap covering to start setups for shorts in the US equity markets.

The 500 at the close.

The $RUT at the close.

The DOW at the close.


Daily US Opening News And Market Re-Cap: July 24

The major European bourses are down as US participants come to their desks, volumes still thin but higher than yesterday’s, and underperformance once again observed in the peripheries, with the IBEX down 2.5% and the FTSE MIB down 1.2%.

Last night’s outlook changes on German sovereign debt caused a sell-off in the bund futures, with the effect being compounded as Germany comes to market with a 30-year offering tomorrow.

The rating agency moves, as well as softer Euro-zone PMIs and reports that Spain is considering requesting a full international bailout have weighed on the riskier asset classes, taking EUR/USD back below the 1.2100 level.

Furthermore, with Greece and a potential Greek exit now back in the news, investor caution is rife as the Troika begin their Greek report of the troubled country today.”

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Written by Gary

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