Opening Market Expected to Be Flat

Premarket Commentary For 06-15-2012

Yesterday the market bought on a rumor and today will not sell on news. I would be very careful what you do today and do it in very small amounts.

The news for the premarket is that the New York Federal Reserve’s regional manufacturing gauge fell to 2.29 in June while expecting 13.00. In May it was 17.09 and this report was much worse than expected. The SP500 futures were at 1332 earlier this morning and have since dropped to the 1327 area or about up 1.20 and remained flat after the announcement.

Coming up at 10 am is the medium rated USD Net Long-term TIC Flows (APR) and at 9:15 the USD Industrial Production (MAY). Perhaps the most important report of the day comes in at 9:55 rated high the University of Michigan Confidence (JUN). WTI oil is at 83.86 falling from its high earlier this morning of 84.76.

Brent crude is not reporting this morning due to technical difficulties.

Gold is up today at 1623, trading between 1633 and 1619 with a neutral bias.

@leavitt:

“Options expire today, but the only thing that matters is the elections in Greece this Sunday. Some Greeks want to leave the EU, others want to stay. It’s divided – polls are split. . . Moody’s downgraded five Dutch banks. . . also an election in Egypt. This has implications for the US’s foreign policy in the Middle East.

– the casino is now open. The S&P could gap up or gap down huge on Monday. Take your pick. I’m a technical trader. I use support and resistance to identify where buyers and sellers may be, but when news is pending that can quickly cause buyers and sellers to change their minds, the charts become much less useful.

Such is the current situation. There’s always another day and another trade. I see no reason to be all in right now. Scale back; take some money off the table. Let the dust settle first.”

@foxnews:______

The New York Federal Reserve’s regional manufacturing gauge plunged to 2.29 in June from 17.09 in May, a significantly worse reading than the 13 expected. Readings above zero point to expansion while those below indicate contraction.

@SA

More on the Empire State Survey plunge: Optimism about future activity continues to fall, the future new orders index halving to 15.5 and the future shipments index more than halving to 12.4. The future prices paid index fell 24 points to 34.0. Expected number of employees rose, but the future average workweek declined.”

To contact me with suggestions or deserved praise:

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Written by Gary