Closing Market Commentary for 06-25-2012
I have to be brief as our internet access has been off and on for the past 2 hours.
The markets closed down with the Russell 2000 closing at its 200 day MA while other indexes stayed below the 50 but above the 200. EEM entered its support zone considered important and may be a bellwether of further market deterioration. Tomorrow is expected to be down again.
France is to freeze spending during 2013-2015, according to Les Echos .
GERMANY’S MERKEl pushes for adherence to European Budget Rules.
FRANCE FIN MIN MOSCOVICI: I reject the idea of austerity in this country.
Spanish banks expected to be downgraded closer towards fair value (still massively overrated) after US session close.
The DOW is at 12502 down 138 or -1.09%.
The 500 is at 1313 down 21.30 or -1.60%.
$RUT is at 761.90 down 13.26 or -1.71%.
SPY is at 131.21 down 2.25 or -1.69%.
The trend is down and the current bias is neutral.
WTI oil is at 79.17 trading between 79.44 and 78.32 and the bias is positive.
Brent crude is at 91.25 trading between 91.40 and 90.00 and the bias is positive.
Gold is up at 1585, trading between 1576 and 1587 with a positive bias.
Dr. Copper is at 3.33 up from 3.29 earlier.
The 500 at the close.
The $RUT at the close.
SPY at the close.
The DOW at the close.
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Written by Gary
