Closing Market Commentary For 08-10-2012
TGIF – Seriously, I could have taken a cruise to BFE and had more fun this past week. There was a risk rally towards the close on low volume appearing to be HFT generated. Buying into a weekend with bad news galore is suicidal in my opinion for human investors anyway.
Green volume remained in the low zone, but above the anemic levels prior to the late afternoon run up. The last minute rally moved the SP500 to a weak resistance line where it ended up for the week. Further gains to 1415 still remain a possibility, but not worth the risk to eek out a few bucks by going long. Heavy red volume closed out the session but did little to melt the markets down and best characterized as ending the week flat..
The RRR** is again narrow and profitable trading is not forecast. Even guessing correctly at the trade swings would not provide a comfortable profit cushion. Swing trading is still on the fence.
The DOW at 4 pm is at 13207 up 42.76 or 0.32%.
The 500 is at 1405 up 3.07 or 0.22%.
The $RUT is at 801.53 down 1.37 or -0.17%.
SPY is at 140.84 up 0.25 or 0.17%.
The trend is neutral and the current bias is up.
The 500 at the close.
The DOW at the close and basically looks the same as the SP500.
WTI oil is at 93.35 trading between 93.70 and 91.75 and the bias is positive.
Brent crude is at 113.40 trading between 113.45 and 111.32 and the bias is positive.
Gold is up today at 1620trading between 1626 and 1605 with a neutral bias.
Dr. Copper is at 3.40 down from 3.42 earlier.
Earlier the USD rose from 82.59 yesterday to 82.92 this morning and is at 82.63 having fallen to 82.50 this morning. A lot of gyrations today that mean next to nothing as they are taking place within narrow parameters.
European markets closed down today in the wake of negative news coming from China and the EU. The FTSE 100 in London is down –0.08% while the German DAX is off –0.29%. The CAC 40 in France is also off at –0.64%.
The Asian markets closed down with the Hang Seng at –0.66. The Shanghai Composite down –0.24%. The Nikkei down –0.97%.
** RRR = Risk Reward Ratio
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Written by Gary