October 12th, 2012
in Gary's blogging
Midday Market Commentary For 10-12-2012
As suspected the gap at 1433.53 on this morning SP500 was covered. The averages in general melted down to areas comparable to the 500's gap and then resumed as melting back up of sorts.
By noon the markets had drifted lower and started to slide sideways. Trading is slow with low volume and is expected to remain bearish for the session.
The RRR** was very narrow at the opening bell and remained that way through the midday mark. 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 12:30 is at 13315 down 10 or -0.08%.
The 500 is at 1427 down 5.22 or -0.36%.
The $RUT is at 823.64 down 6.14 or -0.74%.
SPY is at 142.80 down 0.55 or -0.38%.
The longer trend is up, the past week's trend is neutral to bearish and the current bias is down.
WTI oil is neutral today and is at 91.48 trading between 92.60 and 91.65 and the bias is negative.
Brent crude is mostly down today and is at 114.25 trading between 115.93 and 114.25 and the bias is positive.
Gold was up then back down this morning. Currently trading down at 1760.60, trading range is between 1772.58 and 1763.47 also with a neutral bias.
Dr. Copper is at 3.71 down from 3.75 earlier.
The US dollar fell from 79.90 earlier to 79.58 and is currently trading at 79.79.
** RRR = Risk Reward Ratio
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Written by Gary