Closing Market Commentary For 08-31-2012
Interesting day without a doubt. First down, then up, then down – I have lost track. What I have noticed is that the HFT crowd hasn’t been able to move above the overhead resistance of the past 2 sessions and that may be important in sessions to come. I couldn’t exactly tell, or make inference, to red and green volumes that peaked several times during today’s session. It did appear that there were more bears than bulls, but with the HFT moving the markets around it becomes very difficult to discern a plausible trend. The bottom line here is that this is a suckers market and today was a great example. The charts have been trashed and other technical indicators and ‘signals’ are hopelessly lost in the HFT noise.
There isn’t a chance in hell that you are going to beat the algo machines today.
The RRR** actually was very good IF you could guess that the markets would reverse after Ben’s remarks and then reverse again (and again). Damn, back to guessing again. Swing trading is at your own risk and being the market is at a crossroads of sorts, I would prefer to sit on my hands rather than risk guessing incorrectly.
The DOW at 4:00 is at 13090 up 90.13 or 0.69%.
The 500 is at 1406 up 7.10 or 0.51%.
The $RUT is at 812.09 up 3.45 or 0.43%.
SPY is at 141.11 up 0.61 or 0.43%.
The trend is neutral and the current bias is down, er up, no down, ah up? (For the time being – extremely choppy and massive swings.)
Oil rallies on Bernanke speech, weaker dollar
WTI oil is at 96.38 trading between 94.53 and 96.67 and the bias is positive.
Brent crude is at 114.79 trading between 112.40 and 114.92 and the bias is positive.
Gold is at 1691.15 trading between 1652.20 and 1692.85.
Dr. Copper is at 3.46 up from 3.41 earlier.
Dollar falls to lowest in more than 3 months
Earlier the USD tumbled earlier from 81.73 dropping to 80.97 and is currently at 81.20.
The 500 at the close.
The DOW at the close.
The Real Reverse Robin Hood: Ben Bernanke And His Merry Band Of Thieves
Listen up, debt-serfs, you have it good here on the manor estate. You get three squares of greasy fast-food or heavily processed faux-food a day, and if Reverse Robin Hood and his Merry Band of Thieves is ripping you off it’s for a good reason: the predatory Neofeudalist Financial Lords need the money more than you do, as they have a lot of political bribes to pay: it’s an election year, and the bribes are getting increasingly costly.
Poor things, we’re sure you understand. Now go back to work or watching entertainment (or “news,” heh) and leave the Lords alone – but answer these 11 questions first, before hailing the new hero.
** RRR = Risk Reward Ratio
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Written by Gary
