Midday Market Commentary For 06-11-2012
The ‘dippers’ put in some green volume about 10:30 but it was a weak event and the market bias continued to have a negative bias as it moves modestly lower with light to moderate volume. The trend is definitely bearish, but lacking conviction (low volume) it it time to sit on ones hands. If you didn’t go short on Friday you still may have time to sneak in a small but safe position. Market trading is not quite prime time just yet. Our positions in SQQQ (even) and SRTY (up 0.75) are safe for now. Tomorrow’s reporting could take the markets either way, but not as much up as any possible decent.
The European markets finished mixed as of the most recent closing prices. The DAX gained 0.17%, while the CAC 40 led the FTSE 100 lower. They fell 0.32% and 0.08% respectively.
The USD is rising currently at 82.93 and the Euro is at 1.2501 and falling.
The DOW is at 12523 down 30 or -0.23% and falling.
The 500 is at 1324 down 1.87 or -0.14%.
The $RUT is at 764 down 4.58 or -0.61%.
SPY is at 132.83 down 0.27 or -0.20%. The long term is down, the short trend is up and the current bias is down.
WTI oil is at 83.62 after falling from its Friday high of 86.64.
Brent crude is at 98.68 currently falling from its early morning high of 102.25.
Gold is down today at 1592, trading between 1595 and 1503.81 with a negative bias.
Dr. Copper’s chart formed a black cross with the 50 day MA crossing the 200 day MA. It fell from its early morning highs of 3.39 to 3.34.
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Written by Gary