Midday Market Commentary For 06-15-2012
Markets continued to melt up on low volume after a weak opening. Since there is little real investor participation I see this rise as simply fluff and not at all representative of a true market gain to the savvy investor. Even the day trader would have a issues guessing what to buy with the RRR (risk reward ratio) in very narrow ranges. The markets have sort of topped out but are expected to rise again to at least the highs of the day. Right now all of the news is cautioning against making rash investment decisions, but the market is definitely on ‘Hopium’ And ‘Delusionol’ as it climbs on odds the Greek New Democracy Party wins on Sunday. The DOW is at 12715 up 62.81 or 0.49%.
The 500 is at 1336 up 7.29 or 0.55%.
The $RUT is at 765.80 up 3.47 or 0.46%.
SPY is at 133.54 up 0.77 or 0.58%.
The trend is up and the current bias is up.
WTI oil has fallen to 83.48.
Gold is down at noon at 1624.
Required afternoon reading:
Stocks: The One Key In Finally Ending The Long-Term Bear Market by Eric Parnell
“Several key developments are likely before we will be able to finally declare the end of the current secular bear market. And one key factor has accompanied the end of each of the past secular bear phases over the last century.
A true wash out of stock valuations will signal that we have finally reached a stock market bottom and that the beginning of a new secular bull market can finally get underway. And at present, we likely still remain a couple of years removed from this concluding destination.”
To contact me with suggestions or deserved praise:
Written by Gary
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