Opening Market Commentary For 07-11-2012
Markets opened slightly down on moderate red volume and by 10 am a lot of green was showing up a low volume as the bulls are not quite sure what they want to do as basically the numbers are just above yesterday’s close. The two camps of the bulls and bears are really at odds on which way the markets are going to go this morning. At this point it is a near-term gamble picking the winner and I’ll sit on the sidelines as the RRR** is definitely not to any traders advantage today. I remain bearish, but also understand some upside movement is possible while the European ‘Hopium’ machine is cranking out ‘Delusionol’ for the sheeples.
The QE3 advocates are out there buying up the dips in the hope of a nice Christmas present. But the reality is that NOTHING will happen at the FED’s until AFTER the election or unless the market suddenly drops 15%. If we do see something like a QE, it won’t be until June 2013 because that is the way it works. Today, at least this morning, is a wash out and time for a round of golf.
The DOW at 10:30 is at 12623 down 29.67 or -0.25%.
The 500 is at 1342 up 0.54 or 0.01%.
The $RUT is at 795.07 down 0.15 or -0.02%.
SPY is at 134.27 up 0.13 or 0.10%.
The trend is neutral and the current bias is neutral.
WTI oil is at 85.59 trading between 83.98 and 85.70 and the bias is positive.
Brent crude is at 99.51 trading between 97.85 and 99.63 and the bias is positive.
Gold is down today at 1578, trading between 1566 and 1582 with a negative bias.
Dr. Copper is at 3.41 up from 3.39 earlier.
European markets are down today in uncertain news coming from the EU. The FTSE 100 in London is down -0.43% while the German DAX is down -0.09%. The CAC 40 in France is down -0.56%. The Asian markets closed mixede with the Hang Seng up at 0.12%. The Shanghai Composite up 0.51%. The Nikkei down -0.08%.
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Written by Gary