Midday Market Commentary For 06-13-2012
Markets moved higher then dropped, then once again moved under very light volume to the previous highs of the day which were slightly above yesterday’s high. It appears the markets have encountered a resistance of some sort as they are unwilling to move higher. The trading range is very tight and begging for a break out. I suspect the market have reached their pinocle for the day perhaps reaching a bit further up as directed by DaBoyz. If the debt/reward ratio (DRR) spread was a bit wider, I would have jumped in earlier for a scalp.
The news is bearish and I believe that traders and investors alike are finally grasping the fact you can not solve a debt issue by continually issuing more debt through bailout loans. Yet, many pundits are singing their song of greater markets heights to come. The facts are there before them and yet they fail to see the writing on the wall. This is a Keynesian run market with dysfunction politicians acting on self-interests and not sound economics. The outcome is going to be messy and soon when the various financial analyst’s feign surprise of the falling market. Don’t be one of the ‘sheeples’ caught napping.
WTI oil is at 83.31 falling below its high of 83.98 earlier this afternoon.
Brent crude is at 97.76 currently, down from 97.90 and has a positive bias.
Gold is up today at 1616, trading between 1607 and 1623 with a positive bias.
The DOW is at 12586 up 12.38 or 0.10%.
The 500 is at 1326 up 2.06 or 0.16%.
The $RUT is at 763.49 up 1.96 or 0.26%.
SPY is at 133.22 up 0.29 or 0.22%.
The trend is up and the current bias is up.
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Written by Gary