Closing Market Commentary For 09-28-2012
Markets closed just about where they opened. Low volume was the mainstay and the algo computers ruled the action. I wish I could say something positive or negative about the market direction, but can’t. No one is trading so expect the markets to continue to be low volume, narrow trading ranges, lackluster and no direction to speak of.
The closing numbers are not very inspiring and until the Israeli’s bomb Iran there is going to be much market movement.
The RRR** was very narrow all day 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 13437 down 48.84 or -0.36%.
The 500 is at 1440 down 6.48 or -0.45%.
The $RUT is at 837.45 down 6.09 or -0.72%.
SPY is at 144.03 down 0.61 or -0.42%.
The longer trend is up, the past week’s trend is bearish and the current bias is up.
WTI oil is down today and is at 92.11 trading between 91.40 and 92.70 and the bias is neutral.
Brent crude is mixed today and is at 112.14 trading between 111.53 and 113.40 and the bias is neutral.
Gold is down today at 1771.95, trading between 1767.15 and 1782.95 with a negative bias.
Dr. Copper is at 3.75 down from 3.77 earlier.
The US dollar rose from 79.42 earlier to 80.07 and is currently trading at 80.04.
The 500 at the close.
The DOW at the close.
** RRR = Risk Reward Ratio
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Written by Gary