Midday Market Commentary For 09-12-2012
By noon the markets did a sea-saw and are back up nearly where they were early on. Low volume, flat and in the exact trading range of the last 3 sessions. By 12:15 it appears we are melting down again but I don’t expect it to last.
The RRR** was very narrow, same as yesterday, at the opening bell and continues through the noon hour. Any trades will probably end up on the unprofitable side as long as this market remains flat and 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 noon is at 13340 up 17 or 0.13%.
The 500 is at 1435 up 2.06 or 0.13%.
The $RUT is at 843.18 up 1.27 or 0.15%.
SPY is at 144.17 up 0.26 or 0.18%.
The trend is neutral and the current bias is down.
Crude-oil futures trade above $97 a barrel
WTI oil is at 97.14 trading between 96.65 and 98.15 and the bias is neutral.
Brent crude is at 115.81 trading between 114.95 and 116.70 and the bias is neutral.
Gold is down today at 1731.28, trading between 1732.25 and 1746.90 with a neutral bias.
Dr. Copper is at 3.69 down from 3.73 earlier.
The US dollar fell from 80.14 earlier to 79.65 and is currently trading at 79.90.
** RRR = Risk Reward Ratio
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Written by Gary
