Closing Market Commentary For 06-07-2012
O.K. I guess I am not as smart as I thought I was. Really, I was counting on the markets rising for the rest of the day and have a display of doldrums tomorrow. It is just for this reason why one doesn’t dip your toes in theses types of market waters as their may be sharks lurking just underneath.
All of my readers know about the black crosses, 200 day MA’s and negative news from the EZ and I don’t need to elaborate today (maybe tomorrow). You know why the markets are looking more and more bearish if you have followed my missives of late. Today, the torch ran out of butane and the flame disappeared.
The DOW close at 12460 up 46.17 or 0.37%.
The 500 is at 1315 down 0.14 or -0.01%.
The $RUT is the big loser at 760 down 4.83 or -0.63%.
SPY is at 132 up 0.31 or 0.23%.
The trend is neutral and the current bias is down.
WTI oil is down at 83.62.
Brent crude is also down currently at 99.11
Gold is down today at 1529.
Spain has been downgraded to two notches above “junk” by Fitch. The country was cut to “BBB,” from “A”.
Fitch sliced Spain’s long-term debt rating to BBB from A, citing the costs of recapitalizing the country’s banking sector and a dimmer economic forecast. Fitch also said its credit outlook is negative.
“Fisher talks too much sense for a central banker: says the Operation Twist revival was ineffective and he is against QE3.”
SPY at the close. Now if this doesn’t look ominous and bearish, I don’t know what does.
The SP500 at the close.
The $RUT at the close.
The DOW at the close.
The indexes at the close.
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Written by Gary