Markets Close Up Under Low Volume

October 4th, 2012
in Gary's blogging

Closing Market Commentary For 10-04-2012

Markets continued to melt up from this mornings lows but on anemic volume. Suspect the HFT computers are the culprit and would expect the averages to melt down tomorrow in spite of a good employment report. Lately the markets have been selling the news.

I don't have much to add except this is one market I do not suggest you play in. Better days are coming, but this week was not one of them in spite of way seems like a solid gain. Tomorrow could be down and leave the week in negative territory.

Follow up:

The RRR** was very narrow at the opening bell and has continued through the session. 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 13575 up 80.75 or 0.60%.

The 500 is at 1461 up 10.41 or 0.72%.

The $RUT is at 844.65 up 5.87 or 0.70%.

SPY is at 146.14 up 1.08 or 0.74%.

The longer trend is up, the past week's trend is neutral to bullish and the current bias is up.

OIL FUTURES: Crude Rallies Sharply as Gasoline Surges

WTI oil is up today and is at 91.61 trading between 87.92 and 91.85 and the bias is positive.

Brent crude is up today and is at 112.43 trading between 108.02 and 112.70 and the bias at the close is negative.

Gold Prices Rise on ECB's Draghi, Jobless Claims

Gold is up today at 1790.60, trading between 1776.50 and 1795.05 with a positive bias.

Dr. Copper is at 3.79 down from 3.81 earlier.

The US dollar fell from 79.96 earlier to 79.32 and is currently trading at 79.46.

The 500 at the close.

The DOW at the close.

@zerohedge:

FOMC Minutes Reveal Nothing New

Same members, same voters, same views, same tools:

  • *FOMC PARTICIPANTS SAW `SIGNIFICANT DOWNSIDE RISKS' TO GROWTH

  • *FOMC PARTICIPANTS SAW `PERSISTENT HEADWINDS' TO RECOVERY

  • *FOMC PARTICIPANTS SAW FISCAL POLICY AS A `DRAG' ON ECONOMY

  • *FOMC PARTICIPANTS SAID HOUSING MARKET IMPEDING RECOVERY

  • *FED OFFICIALS SAW MANAGEABLE BOND BUYING RISKS, MINUTES SHOW

Minutes of the Federal Open Market Committee, September 12-13, 2012

** RRR = Risk Reward Ratio

To contact me with suggestions or deserved praise:

gary@econintersect.com

Written by Gary















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