October 29th, 2012
in Gary's blogging
Opening Market Commentary For 10-29-2012
NYSE Euronext has suspended trading on its markets Monday and ‘pending confirmation’ on Tuesday. As first reported by FOX Business, this move comes after a revolt against the exchange operator’s initial contingency plan that would have moved all trading to a fully electronic platform. More on this story.
The futures were down from Friday with the DOW at -92 and the 500 at -8.80 at 8:00. The SP500 by the 'normal' opening at 9:30 was at 1402 down 10 points from Fridays close of 1412
@CNBC: NYSE's Niederauer: "Hard to imagine" we'll be open for trading tomorrow if forecast correct.
I will not have a midday report, but will have a closing report today. Please read this report I put out on Friday, This Market Has Been One Gigantic Suckers Rally
Today would have been down most likely because the financial were the same as the last report. The financial's need to keep improving to see our way out of the doldrums.
Both the Asia and European markets are down.
"European equity markets are starting the week out on a lower note being pressured by weakness out of Asia where several companies posted disappointing earnings overnight, furthermore the ongoing wrangling about extending the time frame by which Greece has to meet budget and deficit targets is starting to have a drag on markets," said Markus Huber, the head of German HNW Trading at ETX Capital.
He said that, given that US equity trading has been cancelled due to Hurricane Sandy, markets will likely remain mostly range-bound.
"However it wouldn't come as too much of a surprise if markets might stage a test of the lows seen last week as worries about corporate earnings in the months ahead return and patience is starting to wear thin with market participants what Greece and Spain is concerned, as no solution is in sight for either one of them," Huber added.
Guessing where the market is going to be tomorrow or next week, at this time anyway, is a foolish endeavor.
The DOW is closed today because of hurricane sandy.
The 500 is closed today because of hurricane sandy.
The $RUT is closed today because of hurricane sandy.
SPY is closed today because of hurricane sandy.
The longer trend is up, the past week's trend is bearish and the current bias is down according to the futures being published today.
WTI oil was down this morning at 85.35 and recently starting rising is at 86.01 trading between 85.35 and 86.40 and the bias is positive.
Brent crude was up today and is at 109.99 trading between 108.52 and 110.28 and the bias is positive.
Gold is down this morning. Currently trading down at 1713.60, trading range is between 1717.20 and 1707.06 with a positive bias.
Dr. Copper is at 3.52 down from 3.56 earlier.
The US dollar rose from 80.14 earlier to 80.34 and is currently trading at 80.31.
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Written by Gary