Opening Market Commentary For 06-15-2012
Markets opened flat, choppy and low volume. The $VIX is steady at 22.80 and a neutral bias as it awaited the 9:55 report on the University of Michigan Confidence for June. As the report time came close the markets developed a very slight negative bias and increased volatility with the $VIX swinging from the 23 area to 21 and back up again, then only to fall to 20.77. But wait, it rose to 22.43 once again.
The U of M Confidence index crashes to 74.1 in June Vs the 77.5 expected and the markets trend changed to a positive bias. This is really crazy and I urge the utmost caution as I believe everyone is betting on the Greek election to be positive. The key words here are ‘betting’ and ‘volatile’. The markets are making a nice run for the green, but the important thing to observe is the low volume indicating DaBoyz have a heavy hand in luring in the ‘sheeples’ for a slaughter.
Here is the graphical chart of the mornings announcements. Does this look like good news to you?
The DOW is at 12717 up 66.41 or 0.54%.
The 500 is at 1336 up 7.70 or 0.57%.
The $RUT is at 764 up 1.83 or 0.24%.
SPY is at 133.54 up 0.74 or 0.56%.
The trend is up and the current bias is up.
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Written by Gary
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