October 10th, 2012
in Gary's blogging
Midday Market Commentary For 10-10-2012
Not much has happened since the opening bell and the markets continue to turn in a lackluster performance. One pundit reports the IMF much gloomier about the global economy while another says the Small Business Sentiment: ''Expectations for the Future Remain Low'' . It is apparent the US markets are generally not sure about anything as they continue to trade along sideways.
The Nas and Russell could be considered to be trading in falling rectangles within uptrends – these are bullish, but one more down day will negate the bullishness. Obviously the lower lows from the Nas and Russell concern me the most. If the small caps lag, the market will not rally. Simple as that.
The RRR** was very narrow at the opening bell continuing into the midday session. Any trades will probably end up on the unprofitable side as long as this market has low volume or 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. Guessing where the market is going to be tomorrow or next week is a foolish endeavor at this point in time.
The DOW at 12:15 is at 13400 down 74 or -0.55%.
The 500 is at 1435 down 6 or -0.40%.
The $RUT is at 826.13 down 1.82 or -0.22%.
SPY is at 143.60 down 0.59 or -0.41%.
The longer trend is up, the past week's trend is neutral to bearish and the current bias is bearish.
WTI oil is up today and is at 92.79 trading between 91.60 and 93.35 and the bias is negative.
Brent crude is up today and is at 114.87 trading between 113.78 and 114.90 and the bias is positive.
Gold was down then back up this morning. Currently trading down at 1761.51, trading range is between 1757.34 and 1767.90 with a negative bias.
Dr. Copper is at 3.72 up from 3.70 earlier.
The US dollar fell from 80.30 earlier to 79.94 and is currently trading at 80.03.
** RRR = Risk Reward Ratio
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Written by Gary