Closing Market Commentary For 08-13-2012
Good grief, what a complete joke today’s session was as DaBoyz jerked the averages around like play things. First up then down and the up again – all on anemic volume. Some indexes climbed to the morning highs (SP500) and most of the others made it ¾ of the way up before turning around and then relaxing as the crooks and liars did their thing. The 3X ETF’s in the 40 point range moved less than ¾ of a point during the entire session; unbelievable as they can move an easy10 points. True the averages didn’t move that much either and the volume was pathetic, but that doesn’t always ring true where 3X ETF’s are concerned. This also points out that the cash crowd is absent and not trading and with good cause. As a trader I have made a bundle when the markets swing, but not this week that is for sure or this year for that matter. The SOB’s on Wall Street, yes you too Goldman Sachs, have screwed the pooch once more and the music plays on, day after day.
There was some last minute buying with some elevated green volume but not enough to get out of the red losses for the day. The RRR** was very narrow all day and indicating unprofitable trading, but also leaving me to believe we may see some more upside as the RRR** didn’t proportionally move with the declining or advancing averages. But how much the averages can rise, if anything, remains the question. Personally I am getting VERY tired of this market and the crooks and liars that are manipulating it. This year is turning out to be worst for profitable trading. The few trades that have been made this year scarcely pay the overhead.
The DOW at 4:00 is at 13169 down 38.52 or -0.29%.
The 500 is at 1404 down 1.76 or -0.13%.
The $RUT is at 799.47 down 2.07 or -0.26%.
SPY is at 140.82 down 0.01 or -0.01%.
The trend is neutral and has been for the past four sessions and the current bias at the session end is neutral.
The 500 at the close.
The DOW at the close.
WTI oil is at 92.74 trading between 92.05 and 94.16 and the bias is neutral and down from Friday.
Brent crude is at 113.56 trading between 113.10 and 115.08 and the bias is negative but up a few cents from Friday .
Gold is today at 1608.67 trading between 1608 and 1625 with a negative bias.
Dr. Copper is at 3.35 down from 3.40 earlier.
Earlier the USD tumbled from 82.94 to 82.28 and recovered to 82.48.
Asian markets closed down and the European markets also closed down.
“Looks like the S&P 500 will put in a fresh go at the lowest, non-holiday volume level for multiple years.”
** RRR = Risk Reward Ratio
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Written by Gary