September 21st, 2012
in Gary's blogging
Opening Market Commentary For 09-21-2012
Premarket started out above yesterday's closing numbers and continued to melt up to the opening bell. At the opening low red volume was immediately apparent and stopped the market ascent dead in its tracks leaving the averages flat. Obvious profit taking, but by whom?
There has been little news today from around the World and none of it has been a game changer so I expect more of the same action of past sessions. Today does not have any US financial data to report so it should be quiet today except it will be with slightly higher numbers.
By 10 am the averages were up from yesterday but flat and relatively low volume similar to yesterday's morning hours.
Greece is scrambling to get its finances is in order, but the country's efforts may still be insufficient. Many argue Athens will need another debt haircut in order to ease its financial burdens. A German newspaper is reporting that lenders are already considering a second debt-relief program for the ailing euro-zone country. more...
The RRR** was once again (I am getting tired of the crap) very narrow at the opening bell and any trades will probably end up on the unprofitable side as long as this market has low volume and 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.
For those who like to guess, Monday is likely to be down; buying during the afternoon session 'might' lead to profits after the weekend. Unless, of course, there is a war being started in Iran, then you will lose your butt.
The DOW at 10:00 is at 13631 up 36 or 0.27%.
The 500 is at 1465 up 5.17 or 0.35%.
The $RUT is at 858.54 up 7.02 or 0.82%.
SPY is at 146.41 up 0.48 or 0.35%.
The trend is neutral and the current bias is up.
WTI oil is at 93.60 trading between 92.80 and 93.83 and the bias is positive.
Brent crude is at 111.37 trading between 110.00 and 111.45 and the bias is positive.
Gold is up today at 1785.29, trading between 1766.10 and 1787.20 with a positive bias.
Dr. Copper is at 3.79 down from 3.81 earlier.
The US dollar fell from 79.51 earlier to 79.08 and is currently trading at 79.31.
** RRR = Risk Reward Ratio
To contact me with suggestions or deserved praise:
Written by Gary