November 1st, 2012
in Gary's blogging
Closing Market Commentary For 11-01-2012
Markets closed higher with some heavy profit taking at the close and aftermarket action. Most averages have remained within their down channel and below a minor resistance. I expect a minor sell-off at the opening with perhaps a rally in the afternoon. Nonfarm Private Payrolls and the employment rate are out at 8:30 tomorrow am and that could be a market mover inspite of my HaHa's (predictions).
The RRR** was very narrow at the opening bell and remained so up to the closing bell, just as it has been for the past month. Any trades today will probably end up on the unprofitable side as long as this market remains flat or continues to have low volume.
I have issues with some traders in that they are saying there are setups for day trading. This is true enough, but the trading range is so narrow that way too money has to be put on the table just to get back meager gains.
Swing trading is also 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, at this time anyway, is a foolish endeavor.
The DOW at 4:00 is at 13232 up 136 or 1.04%.
The 500 is at 1427 up 15.43 or 1.09%.
The $RUT is at 827.85 up 9.12 or 1.11%.
SPY is at 142.82 up 1.50 or 1.06%.
The longer trend is up, the past week's trend is bearish and the current bias is up.
WTI oil was up today and is now up at 86.94 trading between 85.50 and 87.40 and the bias is neutral.
Brent crude was down today and is at 108.18 trading between 109.00 and 107.75 and the bias is neutral.
Gold was up earlier and is now down this morning. Currently trading down at 1714.80, trading range is between 1713.59 and 1726.88 with a negative bias.
Dr. Copper is at 3.55 down from 3.57 earlier.
The US dollar fell from 80.18 earlier to 79.94 and is currently trading at 80.12.
The 500 at the close.
The DOW at the close.
** RRR = Risk Reward Ratio
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Written by Gary