September 17th, 2012
in Gary's blogging
Opening Market Commentary For 09-17-2012
Premarket was flat and about where it closed on Friday. At 8:30 Foxnews reported, “The New York Federal Reserve's regional manufacturing gauge fell to -10.41 in September from -5.85 in August. The gauge was expected to climb to -2. Readings above zero point to expansion, while those below indicate contraction.”
The market reaction was flat and continued through the opening. Market opened on low volume and a neutral slant continuing through 10:30.
Leavitt said this morning, “Right now all the indexes sit at or near new highs . . . now I’m looking for a blow-off top. Several indicators spiked last week . . .”
I can't add much to that or what I have previously said in that much caution is warranted in the light of Middle East tensions getting out of hand, markets near previous highs and lack of trader participation.
Dailyfx said earlier, “QE3 to have "minimal impact on jobs," "greater effect on inflation." and I couldn't agree more.
The RRR** was very narrow at the opening bell and any trades will probably end up on the unprofitable side as long as this market remains flat. 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 10:30 is at 13581 down 11.93 or -0.09%.
The 500 is at 1463 down 1.80 or -0.12%.
The $RUT is at 860.23 down 4.36 or -0.50%.
SPY is at 147.06 down 0.19 or -0.13%.
The trend is up and the current bias is neutral.
WTI oil is at 99.37 trading between 98.55 and 99.50 and the bias is positive.
Gold is down today at 1768.81, trading between 1776.00 and 1765.98 with a negative bias.
Dr. Copper is at 3.80 up from 3.79 earlier.
The US dollar fell from 79.14 earlier to 78.84 and is currently trading at 78.99.
** RRR = Risk Reward Ratio
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Written by Gary