Midday Market Commentary For 07-16-2012
Guess good this morning as I covered my short made a profit and watched the market melt up to Friday’s high. Around 11:30 the markets started melting back down at about the same rate as they did climbing. The volume is low to medium and is not telling of what the daily future has in store. The bulk of the news is out for the day and I suspect that not much else will happen baring any announcement from the EU.
The RRR** is narrow and not conducive to trading. If you feel that we will see more upside, wait to place your swing short until the end of the day.
The DOW at 12:30 is at 12727 down 49.65 or -0.39%.
The 500 is at 1353 down 3.62 or -0.27%.
The $RUT is at 797.19 down 3.80 or -0.47%.
SPY is at 135.38 down 0.36 or -0.27%.
The trend is neutral and the current bias is neutral.
WTI oil is at 87.11 trading between 87.84 and 86.40 and the bias is positve.
Brent crude is at 102.94 trading between 103.60 and 102.06 and the bias is positive.
Gold is up today at 1587, trading between 1595 and 1577 with a neutral bias.
Dr. Copper is at 3.49 down from 3.51 earlier.
The USD tumbled from 83.76 to 83.38 at 9 am and is at 83.33 currently.
** RRR = Risk Reward Ratio
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Written by Gary
