Midday Market Commentary For 06-04-2012
I hope none of my readers are surprised by this recent market fall. After all, I have been preaching the ‘facts’ for months with undeniable information to support my claims. About 12:15 the markets began to melt down with moderate volume to support the decline. The challenging of the upper resistances and 200 day MA’s didn’t happen as I guessed it might today, so we wait because it will happen. What remains now is to decide how to handle our shorts. Our premium subscribers will be notified prior to the end of the session.
Gold is down to 1611, WTI oil is at 83.07 Brent crude is currently trading in the 97.80 area.
The DOW is at 12046 down 71.64 or -0.59% (200 day MA is 12257, support is at 12288), the 500 is at 1268 down 9.69 or -0.76% (200 day MA is 1284, support is at 1288), the $RUT is at 731 down 6.40 or -0.86% (200 day MA is 756, support is at 746) and SPY is at 127.34 down 0.81 or -0.63% (200 day MA is 128.67, support is at 129.20). The trend is down and the current bias is down.
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Written by Gary
