Opening Market Commentary For 09-24-2012
The SP500 futures fell 9 points after Fridays close to 1444.94 earlier in premarket action today. The US financial’s reported at 8:30 had little effect on the already depressed premarket numbers. The U.S. CHICAGO FED NATIONAL ACTIVITY INDEX (AUG) came in at -0.87. from the prior report of -0.12 (which was revised from -0.13).
The opening moved the market numbers up a bit with a spot of low green volume followed by even lower volume that kept the averages moving sideways with a bearish slant. No use in getting excited about anything today as it appears to be another lackluster session. You might remember that I mentioned on Friday that today’s market had all the markings of opening down, so today is not any surprise.
The RRR** was very narrow (for the umpteenth time) at 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. However, if you have a position, I would remain cautious as sudden market movements are not uncommon after long sideways movement and could be disastrous to anyone caught asleep at the wheel.
The DOW at 10:00 is at 13536 down 43 or -0.32%.
The 500 is at 1454 down 5.51 or -0.38%.
The $RUT is at 851.26 down 4.23 or -0.49%.
SPY is at 145.36 down 0.49 or -0.33%.
The longer trend is up, the past week’s trend is neutral and the current bias is up.
WTI oil is down today at 91.65 trading between 93.00 and 91.25 and the bias is negative.
Brent crude is down today at 109.81 trading between 111.53 and 109.50 and the bias is neutral.
Gold is down today at 1761.44, trading between 1772.10 and 1755.85 with a neutral bias.
Dr. Copper is at 3.73 down from 3.77 earlier.
The US dollar rose from 79.40 earlier to 79.82 and is currently trading at 79.74.
** RRR = Risk Reward Ratio
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Written by Gary