August 24th, 2012
in Gary's blogging
Midday Market Commentary For 08-24-2012
The morning session melted up a bit putting most averages in the green but flat. There were 2 bouts of low to moderate 10 minute volume spikes, one green and one red, but it lead to nowhere and the markets are once again floundering.
The MACD is turning positive to negative as I write so I expect the market to melt down at least to the market morning lows. From there is anyone’s guess lacking constructive news to plow the markets up. It also appears that the HFT is not all that active either. Maybe the 'sheeples' are in the barn staying out of the rain and no one to fleece.
The RRR** looks to be very narrow for this afternoon to and any trades probably will end up on the unprofitable side as this market continues to have low volume. 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 DOW at noon is at 13121 up 63 or 0.48%.
The 500 is at 1407 up 5.83 or 0.42%.
The $RUT is at 807.49 up 1.49 or 0.18%.
SPY is at 141.22 up 0.56 or 0.40%.
The trend is slightly bearish and the current bias is positive, but sideways.
WTI oil is at 96.81 trading between 95.40 and 97.18 and the bias is positive.
Brent crude is at 114.76 trading between 114.08 and 115.30 and the bias is neutral.
Gold is at 1669.45 trading between 1662.50 and 1672.35 with a positive bias.
Dr. Copper is at 3.48 up from 3.46 earlier.
Earlier the USD rose from 81.22 to 81.73 and is currently at 81.52.
** RRR = Risk Reward Ratio
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Written by Gary