Midday Market Commentary For 06-07-2012
For me the markets didn’t react enough, one way or another, to make any decisions on taking a position even though the market outlook is bearish. The volume was certainly red enough at first, but was quickly challenged by the bulls when Bernanke left the corral gate open. He made some ‘Dovish’ remarks regarding more stimulus is ‘always’ possible and ‘hopium’ is a very addictive drug, even in small quantities. Volume finally started to abate after his testimony and markets are once again holding in a tight trading zone awaiting for who knows what. Exasperating to say the least and now await tomorrows financial reports. There are signs that the market may advance today.
The MACD, %K and +DI are turning up lending credence that there is hope for a last ditch effort from the bulls to move the markets up. The gaps created earlier from SPY and $RUT have been closed, volume is near anemic and DaBoyz could allow a move up if that is what they want.
As of noon the market prices are just about where we left them last very little change.
The DOW is at 12510 was at 12498.
The 500 is at 1322 was at 1321.
The $RUT is at 767.69 was at 768.28.
SPY is at 132.71 was at 132.76.
WTI oil is at 85.04 was at 85.92.
Brent crude is at 100.34 was at 101.31.
Gold is at 1690 was 1605.
If you want to read Dr. Ben’s entire testimony, here it is.
Testimony by Chairman Bernanke on economic outlook and policy
Before the Joint Economic Committee, U.S. Congress, Washington, D.C.
http://www.federalreserve.gov/newsevents/testimony/bernanke20120607a.htm
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Written by Gary
