Midday Market Commentary For 07-12-2012
As suspected the morning lows did not hold and the markets made their predictable afternoon rise on moderate volume. Although well below yesterday’s sessions close the morning trend melting up does not seem to be one that will continue for long. Then again these micro trends are hard to follow because of lagging volume and uncertain news that pumps ‘Hopium’ into the system. We have had six days now of falling markets and it wouldn’t take much for the markets to bounce back up for a correction. The RRR** for short term trading has been a guessing game, but swing trading has been relatively good. Caution is still warranted however until we get out of the current ‘middle-of-the-road’ funk.
The DOW at 12:15 is at 12564 down 40.76 or -0.32%.
The 500 is at 1332 down 9.00 or -0.67%.
The $RUT is at 783.05 down 9.21 or -1.16%.
SPY is at 133.32 down 0.81 or -0.61%.
The trend is neutral and the current bias is neutral.
WTI oil is at 85.12 trading between 86.22 and 84.25 and the bias is positive.
Brent crude is at 99.91 trading between 105.60 and 98.75 and the bias is positive.
Gold is down today at 1565, trading between 1577 and 1555 with a neutral bias.
Dr. Copper is at 3.42 down from 3.44 earlier.
4 Little Known Factors Driving The Price Of Copper by CommodityHQ
The Asian markets closed mostly down with the Hang Seng at –2.03. The Shanghai Composite up 0.46%. The Nikkei down –1.48%.
Europe comes off its worst levels, but closes solidly lower as Spain’s path starts to look uncomfortably like the one Greece has tread. Stoxx 50 -0.8%, Germany -0.5%, France -0.7%, Italy -2.1%, Spain -2.6%, U.K. -1%, New mutli-year lows for the euro, now buying $1.2191.
** RRR = Risk Reward Ratio
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Written by Gary