November 6th, 2012
in Gary's blogging
Midday Market Commentary For 11-06-2012
Had to stand in line to vote for a longer period than expected, but I did get to vote.
Markets peaked out at noon and started melting back down under low volume. If you haven't voted yet, go ahead you won't miss anything today.
The RRR** was very narrow at the opening bell continuing to the midday mark, 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 as the markets are currently untradable. Guessing where the market is going to be tomorrow or next week, at this time anyway, is a foolish endeavor.
The DOW at 1:00 is at 13260 up 147 or 1.14%.
The 500 is at 1430 up 12.83 or 0.91%.
The $RUT is at 825.67 up 6.14 or 0.75%.
SPY is at 143.21 up 1.36 or 0.96%.
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 at 87.97 trading between 85.45 and 88.17 and the bias is positive.
Brent crude was up today and is at 110.20 trading between 107.12 and 110.35 and the bias is positive.
Gold is up this morning. Currently trading up at 1717.35, trading range is between 1684.05 and 1719.40 with a positive bias.
Dr. Copper is at 3.50 down from 3.51 earlier.
The US dollar fell from 80.91 earlier to 80.69 and is currently trading at 80.72.
** RRR = Risk Reward Ratio
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Written by Gary