Midday Market Commentary For 07-25-2012
I hate days like this where the markets flounders sideways. Volume is falling off and the numbers melt up. No positive news today as the MSM is evidently taking the day off. After the bad news on the New Housing Market sales in the US the markets fell half way back down and since noon they have melted up close to the opening numbers. I suspect the session will end down matching yesterday’s close.
Tomorrow the financial reports on Initial Claims (rated high), Continuing Claims (rated low), Durable Orders (rated medium) and Pending Home Sales (rated medium) will have some effect I am sure. Just what is the big question?
The mainstay of pundits following the employment scene are expecting the numbers to be below what economists have predicted. All of these numbers come out at 8:30 am which will drive the premarket one way or another. We have seen the opening session drive the markets in the opposite direction from the premarket so all bets are off in guessing which way things will go tomorrow morning.
The DOW at 1:30 is at 12687 up 70 or 0.57%.
The 500 is at 1339 up 1.43 or 0.11%.
The $RUT is at 770.13 up 2.38 or 0.31%.
SPY is at 134.10 up 0.19 or 0.13%.
The market trend is neutral and the current bias is positive.
WTI oil is at 88.04 trading between 89.18 and 86.88 and the bias is positive.
Brent crude is at 103.48 trading between 102 and 103 and the bias is positive.
Gold is up today at 1607 trading between 1607 and 1579 with a positive bias.
Dr. Copper is at 3.38 up from 3.33 earlier.
As reported earlier the USD tumbled from 84.17 to 83.65 and fell to 83.74. The gap at 83.62 still hasn’t been covered and usually FOREX gaps are covered sooner rather than later. Translation the US markets may rise in the near term as the USD falls.
European markets closed mixed today. The FTSE 100 in London closed down -0.04% while the German DAX is up 0.19%. The CAC 40 in France is also up at 0.21%. The Asian markets closed down with the Hang Seng at –0.14. The Shanghai Composite down –0.49%. The Nikkei down –1.44%.
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Written by Gary