Midday Market Commentary For 06-28-2012
Investors overwhelmingly voted against the United States Supreme Courts 5 to 4 decision to uphold the Obama’s Administration “Obamacare’ legislation by sending the markets down in an impressive 1+% sell off. Volume was only moderate leaving room for a bull comeback later in the day. By 10:45 volume fell off a tad and the markets took a breather, but that didn’t last long as worries about the Eurozone to front and center of the ‘worry wall’.
The U.S. Kansas City FED Manufacturing Activity index falls to 3 in June vs. 4 expected with 9 previously reported and the markets did very little. By noon the slide began again, but how far is unknown as the volume falls off to anemic levels once again. This low volume activity is usually a license for DaBoyz to elevate the markets so the caution flags are still waving.
The DOW at noon is at 12494 down 132 or -1.04%.
The 500 is at 1318 down 13.06 or -0.98%.
$RUT is at 769.01 down 7.21 or -0.93%.
SPY is at 131.84 down 1.33 or -1.01%.
The trend is down and the current bias is neutral.
WTI oil is at 78.67 trading between 78.24 and 80.55 and the bias is negative.
Brent crude is at 92.11 trading between 91.60 and 93.80 and the bias is negative.
Gold is down today at 1555 trading between 1577 and 1550 with a negative bias.
Dr. Copper is at 3.33 up from 3.30 earlier.
Joke of the day:
“RT @tmw31: Man arrives at Athens, customs ask ‘nationality?’ replies German. They ask ‘occupation?’. Oh no, he says, just on holiday.”
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Written by Gary
