Closing Market Commentary For 09-19-2012
It appears the HFT crowd is having a good time playing in this low volume session by pushing the averages around. First they melt up then melt down, up again . . . You get the point, humans are not allowed in this trading game today.
Talk about closing flat, today was the day. I wonder what is going to move this market? I have said for weeks that the folks that are in the market have no reason to sell so long as it doesn’t go down. There was a small spike of red volume at the end, but that was just about all the excitement for the day.
You know when all hell breaks loose, and it will, it is going to catch a lot of swing and long investors with their pants down. So a word of advise. When the market falls, treat it like a falling piano – let it bounce 3 times before trying to catch it.
The RRR** has been very narrow since the opening bell and any trades will probably end up on the unprofitable side as long as this market has low volume and remains flat. 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 13577 up 13.32 or 0.10%.
The 500 is at 1461 up 1.73 or 0.12%.
The $RUT is at 856.08 down 0.85 or -0.10%.
SPY is at 146.57 down 0.07 or -0.05%.
The trend is neutral and the current bias is down.
OPEC’s El-Badri says oil market well supplied
WTI oil is at 91.72 trading between 96.10 and 91.25 and the bias is negative.
Gold is down today at 1769.70, trading between 1779.00 and 1762.68 with a neutral bias.
Dr. Copper is at 3.80 down from 3.84 earlier.
The US dollar rose from 79.15 earlier to 79.48 then fell to 79.07 and is currently trading at 79.20.
The 500 at the close.
The DOW at the close.
** RRR = Risk Reward Ratio
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Written by Gary
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