Premarket Commentary For 06-26-2012
SP 500 futures started out 2 points up early this morning, but has persisted moving lower as the premarket moved forward. Oil is trending lower as is gold. The US dollar is melting up as the Euro moves down spelling out lower numbers for the US markets. Moody’s has slammed the hammer down on 28 Spanish banks and Cyprus has asked for a bailout. The Asian markets closed mostly down and the European markets have gone from a decidedly down to mostly down. The RRR** remains in the narrow range and will be difficult for day traders. Swing traders are still in favorable trends but moving to tighter profits as the Euro conference moves closer.
The low rated finance reporting for the S&P/Case-Shiller indexes reported in at 9 am with the Composite-20 up -1.9% from the expected -2.5%. The S&P/Case-Shiller Home Price Index (APR) came in higher at 135.8 against the expected 134.9. The markets did little and remained at the same levels continuing an outlook for a very modest up market at the opening.
The 25th EURO Conference Conference to be held on 8- 11 July 2012, in Vilnius, Lithuania will most likely push most indexes higher as the Hopium and Delusionol tablet are passed around.
The medium rated importance Consumer Confidence reports in at 10 am followed by the low rated Richmond Fed Manufacturing Index.
WTI oil is at 79.26 trading between 79.60 and 78.70 and the bias is positive.
Brent crude is at 92.14 trading between 90.75 and 90.35 and the bias is negative.
Gold is down today at 1575, trading between 1587 and 1576 with a negative bias.
Dr. Copper is at 3.31 down from 3.32 earlier.
European markets are mixed today as the FTSE 100 in London is up 0.13% while the German DAX is off –0.20%. The CAC 40 in France is also off at –0.22%. The Asian markets closed mixed with the Hang Seng up at 0.45. The Shanghai Composite down –0.09%. The Nikkei down –0.81%.
** RRR = Risk Reward Ratio
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Written by Gary