October 2nd, 2012
in Gary's blogging
Closing Market Commentary For 10-02-2012
Market closed up in what is suspect of manipulation from the algo computers. Extremely low volume and the averages shoot up towards the end of the session. The DOW is in the red and most other averages closed in the green but flat.
I do not have more to add except this is a fixed market and some folks are going to get burned by playing and not thinking. What a joke this market has become.
It is so mind boggling that this mess has been allowed to go on for as long as it has. Thousands of investors have lost millions and yet the SEC sit on their fat hands and do nothing. The Keynesian War Lords have no exit plan when this financial experiment blows up and it is going to be messy and hurt a lot of innocent bystanders.
The RRR** was again very narrow at the opening bell and is not conducive to safe trading continuing into the closing. 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 DOW at 4:00 is at 13482 down 32.75 or -0.24%.
The 500 is at 1445 up 1.26 or 0.09%.
The $RUT is at 840.51 up 0.20 or 0.02%.
SPY is at 144.61 up 0.26 or 0.18%.
The longer trend is up, the past week's trend is up and the current bias is down.
WTI oil is down today and is at 91.69 trading between 91.75 and 92.90 and the bias is negative.
Brent crude is at 111.29 trading between 111.20 and 112.50 and the bias is negative.
Gold is down today at 1775.43, trading between 1769.88 and 1783.70 with a positive bias.
Dr. Copper rose from 3.77 earlier to 3.82 and currently is at 3.80.
The US dollar fell from 79.94 earlier to 79.64 and is currently trading at 79.84.
The 500 at the close.
The DOW at the close.
** RRR = Risk Reward Ratio
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Written by Gary