August 23rd, 2012
in Gary's blogging
Closing Market Commentary For 08-23-2012
Markets edged (melted) down for most of the session as the HFT tried its best during low volume moments to push the averages back up. Not sure just who was doing the selling but it was more that DaBoyz could handle. At the last moment the 'dippers' moved in a created a large (low to medium) green volume spike, but didn't even register as the markets slid fractionally to close the day on a bearish note.
Looking at the charts, assuming they are any good, we could have one more down day before the markets resume back up. See charts below for examples of similar movements. I don't have much faith this will occur, but at this point nothing would surprise me.
The RRR** was narrow and unprofitable all during today's session and didn't move the buy needle one bit. Swing trading is at your own risk and being the market is at a crossroads of sorts, I would prefer to sit on my hands rather than risk guessing incorrectly. The averages appears to be bearish, but we have been here before.
The DOW at 4:00 is at 13057 down 115 or -0.88%.
The 500 is at 1402 down 11.41 or -0.81%.
The $RUT is at 806.00 down 6.56 or -0.81%.
SPY is at 140.67 down 1.15 or -0.81%.
The trend is sightly bearish and the current bias is down.
WTI oil is at 96.04 trading between 97.25 and 98.30 and the bias is negative.
Brent crude is at 114.66 trading between 114.95 and 116.38 and the bias is negative.
Gold is at 1669.68 trading between 1652.30 and 1674.88 with a neutral bias.
Dr. Copper is at 3.47 down from 3.51 earlier.
Earlier the USD melted down from 81.50 to 81.23 and is currently at 81.38.
The 500 at the close.
The DOW at the close.
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** RRR = Risk Reward Ratio
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Written by Gary