Opening Market Commentary For 08-09-2012
Premarket SP500 was down 4 points and slowly recovered to yesterday’s closing prices. The first 10 minute volume slice was green and moderate changing what was a solid negative opening to a mixed session with the DOW up 2 cents and the 500 down 34 cents. By the 20 minute mark the green volume was moderate to high moving the averages up to where the DOW was at plus 10 and the 500 plus 0.87 cents. The numbers are not very inspiring as the market is obviously struggling to stay in the green and I expect a quiet session.
At 10 am the low importance rated U.S. Wholesale Inventories for June came in down at -0.2% vs. the 0.3% expected. Prior revised to no change from 0.3%. The market yawned and continued trading sideways level with yesterday’s session. Characterized best as a flat market with falling volume.
Earlier this morning the financial calendar reporting had little effect on the premarket.
The Labor Department reports new claims for jobless benefits unexpectedly decreased by 6,000 to 361,000 last week. The prior week’s figure was revised up to 367,000 from the previously-reported 365,000.
The Commerce Department reported the U.S. trade deficit fell 10.7% to $42.9 billion in June from the month before. The deficit was the narrowest since December 2010 and considerably smaller than the $47.5 billion economists expected.
The DOW at 10:15 is at 13177 up 1.24 or 0.01%.
The 500 is at 1402 up 0.18 or 0.01%.
The $RUT is at 800.87 up 0.71 or 0.09%.
SPY is at 140.58 up 0.08 or 0.06%.
The trend is neutral and the current bias is neutral.
WTI oil is at 93.68 trading between 93.05 and 94.07 and the bias is neutral.
Brent crude is at 112.35 trading between 111.65 and 112.85 and the bias is neutral.
Gold is up today at 1614 trading between 1617 and 1609 with a positive bias.
Dr. Copper is at 3.41 down from 3.44 earlier.
Earlier the USD climbed from 82.27 to 82.80 and settled at 82.69.
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Written by Gary
