August 8th, 2012
in Gary's blogging
Opening Market Commentary For 08-08-2012
Premarket SP500 was down 5 points this morning – whoopee and I am getting chills thinking about it, but I took another sip of my coffee and sobered up. The reality of another day looking at a fixed market really is getting kind of tiresome to me; I don't know about you. In fact I don't think there are many people out there who really care either, frustrated maybe. Further, they don't have the slightest inclination of squirreling away any monies in this manipulated casino called an 'investment' market.
To make matters worse, we have fools running the various countries around the World whom are not smart enough to come out of the rain. Yes, fools and charlatans. Maybe more accurately these morons and outright criminals can't figure out the sheeples are on to their game of self preservation and their reprehensible games and don't want to play anymore. So who really cares if the market is up or down? No one is playing in the sand box anymore so should I care?
The actual problem of investor waywardness is VERY complicated and compounding the markets negative issues are why they are what they are. The negative aspects are rampant and is why sheeple participation has been on the wain since 2009. Many investors of the pre-2008 era took what was left of their emaciated 'fortunes' out of the main stream markets and put them into their mattress so to speak. That is one reason why the volumes are so anemic as of late; the cash crowd isn't around to play.
Maybe investors have noticed that 'playing' the market isn’t such a great deal after all. Maybe they have figured out the High Frequency Trading crowd is ripping them off along with the Wall Street scam artists. Scandals on Wall Street are more prevalent than ever and no one is doing a damn thing about them. Are High Frequency Traders Rigging the Stock Market?
Lots of folks are wondering where the retail investor has gone. There is some instructive “thinking out loud” as to what is going on: Why there is such light volume, why has financial television ratings plummeted, why has America fallen out of love with equities.
Its not that complex for some people to figure out they are being ripped off by the Exchanges and the HFTs. Front running was once a crime, and [now] its part of the capital markets basic structure.
So the markets opened up and DaBoyz ran it up a bit. Why, because the can when the volume is so low as it is once again today. Can't run it much lower because there is no one around to sell. The RRR** is narrow and thin and not conducive for trading.
The DOW at 10:00 is at 13153 down 19.30 or -0.14%.
The 500 is at 1398 down 2.80 or -0.20%.
The $RUT is at 800.85 down 0.46 or -0.06%.
SPY is at 140.08 down 0.23 or -0.16%.
The trend is neutral and the current bias is down.
WTI oil is at 94.27 trading between 92.83 and 94.36 and the bias is positive.
Brent crude is at 112.71 trading between 110.80 and 112.90 and the bias is positive.
Gold is up today at 1613.92 trading between 1604 and 1617 with a positive bias.
Dr. Copper is at 3.43 up from 3.40 earlier.
Earlier the USD rose from 82.29 to 82.56 and settled at 82.50.
** RRR = Risk Reward Ratio
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Written by Gary