Midday Market Commentary For 09-13-2012
Markets did a sea-saw as expected in a tight narrow trading range on low volume. By 11:30 the averages went up as far as previous sessions highs and starting melting down after that as we await the FED’s meeting.
Markets are mixed and generally flat.
The RRR** was very narrow at the opening bell continuing to the midday mark and has not varied in the last 4 sessions. 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 13354 up 21.19 or 0.16%.
The 500 is at 1438 up 1.58 or 0.11%.
The $RUT is at 843.50 down 1.62 or -0.19%.
SPY is at 144.42 up 0.04 or 0.03%.
The trend is up and the current bias is neutral.
WTI oil is at 97.81 trading between 96.80 and 98.60 and the bias is neutral.
Brent crude is at 116.50 trading between 115.40 and 117.48 and the bias is neutral.
Gold is at 1732.86, trading between 1735.90 and 1727.44 with a neutral bias.
Dr. Copper is at 3.69 down from 3.70 earlier.
The US dollar rose from 79.72 earlier to 79.91 and is currently trading at 79.78.
** RRR = Risk Reward Ratio
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Written by Gary