Closing Market Commentary For 09-10-2012
Well that goes to show you how much I know. My guessing of late isn’t worth a plug nickel, but then again I am not betting in this casino market. I sincerely thought the market would melt up with the help of the HFT crowd, but it didn’t. By 1:30 the markets started to melt down and the averages all showed up in red. But the losses are insignificant and the market closed down and FLAT. There was some profit taking towards the end but nothing that one could call a trend.
Tomorrow is another day and it might have some fireworks, more like sparklers though, as the marketplace has been muted even in the face of bad news like Friday’s bad employment report.
The RRR**, as it has been for weeks, was very narrow at the opening bell and remained that way during this session. Any trades will probably end up on the unprofitable side as long as this market remains flat and continued low volume. 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 pm is at 13254 down 52.27 or -0.39%.
The 500 is at 1429 down 8.83 or -0.61%.
The $RUT is at 839.33 down 2.94 or -0.35%.
SPY is at 143.44 down 0.90 or -0.62%.
The trend is up and the current bias is bearish.
WTI oil is at 96.28 trading between 95.38 and 96.70 and the bias is neutral.
Brent crude is at 114.63 trading between 113.98 and 115.05 and the bias is neutral.
Gold is down today at 1724.98, trading between 1724.75 and 1727.50 with a negative bias.
Dr. Copper is at 3.67 up from 3.64 earlier.
The US dollar rose from 80.14 earlier to 80.60 and is currently trading at 80.58.
The 500 at the close.
The DOW at the close.
** RRR = Risk Reward Ratio
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Written by Gary
