Closing Market Comments For 06-29-2012
Markets closed up with a final burst of green at the close on moderate volume indicating investors believe in the EU politicians claims. Not to be a complete wet rag, but we have heard the same old stuff time and time again. “There’s a sucker born every minute” is a phrase often credited to P. T. Barnum and holds true to this day. Well the market didn’t pull back like I thought it would, but it will. The EU Summit was a circus in disguise and again has everyone fooled into believing the problems are going to disappear with some loose talk.
Seriously, when the German tax payers have their say, Hollande and his cronies are going to start peddling backwards as everything starts to unwind.
The good news: once the weak hands have covered, a new wave of shorts can reenter, only to be burned as well on the next overhyped non-event out of Europe or anywhere else.
Another German Pledges Their Life To The “Eurobonds-Nein” Crusade
Post: It’s Time To Connect The Dots
This week may very well go down as ‘connect the dots’ week. Things have been moving so quickly, so let’s step back briefly and review the big picture from the week’s events. When you connect the dots, the next steps lead to what may soon be regarded as an obvious conclusion: the system, as it exists right now, is crumbling. No amount of self-delusion can make this go away. Rational thinking and measured action, on the other hand, can make the consequences go away… turning people from victims into spectators of the greatest bubble burst in modern times.
22 Red Flags Indicating Serious Doom Is Coming For Global Financial Markets
“The financial crisis of 2008 was just a warm up act for what is coming. The too big to fail banks are larger than ever, the governments of the western world are in far more debt than they were back then, and the entire global financial system is more unstable and more vulnerable than ever before.
But this time the epicenter of the financial crisis will be in Europe.”
The Injustice Of This Crisis by Markos Kaminis
I see the media pumping the wire with warnings of a fiscal cliff we all know very well will be legislated away. I ask, what of the unemployment cliff and the forgotten folks falling off of it every single day?
It’s getting worse dear friends, not better. Kicking the can down the road is more like pushing the snowball up the hill. It will roll back down and smother us all.
WTI oil is at 84.82 trading between 78.40 and 85.33 and the bias is neutral.
Brent crude is at 97.60 trading between 91.84 and 98.25 and the bias is neutral.
Gold is up today at 1598, trading between 1568 and 1606 with a neutral bias.
Dr. Copper is at 3.50 up from 3.34 earlier and as high as 3.51 in the late afternoon.
The best guess at this point is that the futures will pull back over the weekend making Monday a down day and maybe Tuesday or Wednesday to once again push above the 100 day MA. If it can stay there this will signal a VERY bullish run for the near term. The 100 day MA is just a starting point and depending whether you are a bear or bull, one can justify a position of bullish or bearish importance at this juncture. We will just have to wait for next week.
The SP500 at the close. The close is 2.59 points above the 100 day MA.
The $RUT at the close. The close is 0.10 points above the 100 day MA and appears the the 100 day MA is the resistance to watch for.
The SPY at the close. The close is 0.31 points above the 100 day MA.
The DOW at the close. The close is 25.65 points above the 100 day MA and has expanded the channel slightly. In the big picture, this means nothing.
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Written by Gary
