August 6th, 2012
in Gary's blogging
Opening Market Commentary For 08-06-2012
Futures were up slightly in premarket trading the DOW up 15 and the 500 up 3 and a slight negative slant as we progressed toward the opening bell. There is no US economic news to be reported today and any hope of driving the market insanely one way or the other is not on my list of things to watch. Helicopter Ben spoke on Economic Measurement this morning and didn't make any comments on monetary policy or economic outlook so we are looking for headlines out of Europe.
By 10 am the markets under anemic volume melted up slightly allowing the HFT crowd and DaBoyz to do their thing. Sad state of affairs watching a directionless market flounder.
The DOW at 10:30 is at 13181 up 84.16 or 0.64%.
The 500 is at 1399 up 8.00 or 0.58%.
The $RUT is at 795.78 up 7.30 or 0.93%.
SPY is at 140.09 up 0.75 or 0.54%.
The trend is up and the current bias is neutral.
WTI oil is at 91.36 trading between 91.44 and 90.63 and the bias is neutral.
Brent crude is at 108.71 trading between 109.01 and 107.91 and the bias is neutral to negative.
Gold is up today at 1612.19 trading between 1602 and 1612.45 with a positive bias.
Dr. Copper is at 3.36 up from 3.35 earlier.
Earlier the USD tumbled from 83.60 on 8-2 to 82.13 yesterday and has recovered to 82.34 and falling.
“Instead of 5 steps forward and 4 steps back, the last couple weeks have been several steps backward and then one or two giant steps forwards. The giant steps being so big, the net change is positive. This has been the case for the Dow and S&P and for the most part, the Nas.
But the small caps have lagged. Instead of matching the large cap indexes with higher highs and higher lows, the small caps have made lower highs and lower lows. The divergence is very noticeable and cannot last much longer. . .
Until this divergence gets negated, getting super excited about any move up is foolish.”
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Written by Gary