September 25th, 2012
in Gary's blogging
Midday Market Commentary For 09-25-2012
Markets are decidedly bearish, but trading in a narrow range and low volume. Not much can be gleamed from today's action in determining a trend. The news this morning was good, but market have decided to sell the news it seems.
Some minor profit taking is going on, but it is unknown who is doing the selling as of this juncture plus the volume remains low and subject to market manipulation.
Hat tip to “S” for this article at the Business Insider.
While The Little Guy Rushes In, Here's More Evidence That Big Investors Are Dumping This Rally
"BofA equity strategist Savita Subramanian writes that she's basically seeing the same thing among her client base: no one is really buying stocks right now".
Why am I not surprised? I mentioned in my article on Investment Strategies And Pitfalls For Sheeples that the best advice I haven't seen and currently subscribe to for the 'Sheeples' is simply, DON'T INVEST AT ALL. Larry Doyle writes today The Best Investment Advice Ever: Saying “No” still reigns high in my estimation of today's market. Better days are coming for investing, just not today.
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 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.
The markets are likely to be slower than usual because of Yom Kippur tomorrow and would advise anyone with dollars in their pocket that are hot to trot, wait-and-see for a few more days before taking the jump.
The DOW at 12:30 is at 13556 down 2.44 or -0.03%.
The 500 is at 1455 down 1.28 or -0.09%.
The $RUT is at 850.70 down 1.10 or -0.13%.
SPY is at 145.40 down 0.25 or -0.17%.
The longer trend is up, the past week's trend is neutral and the current bias is down.
WTI oil is up today at 92.67 trading between 91.80 and 93.20 and the bias is neutral.
Brent crude is up today at 111.00 trading between 109.55 and 111.50 and the bias is neutral.
Gold is up today at 1668.41, trading between 1761.75 and 1774.73 with a neutral bias.
Dr. Copper is at 3.77 up from 3.74 earlier.
The US dollar fell from 79.75 earlier to 79.37 and is currently trading at 79.52.
** RRR = Risk Reward Ratio
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Written by Gary