Midday Market Commentary For 09-28-2012
Just about noon, the markets decided (or should I say the algo computers) to melt the averages upward a bit. Nothing spectacular but something to take the edge of the morning lows. Will it go up further during the afternoon session, I guess only the ‘fat fingered foragers’ will be able to tell you. The volume is way to low to make heads or tails of this session. News was bad all this morning and the markets should be further down than they are.
Hang in there cup cake, someday we may see some action. In the meantime keep your powder dry.
Goldman Cuts Q3 GDP Forecast To Stall Speed 1.9%
The RRR** was very narrow 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.
The DOW at 12:15 is at 13448 down 37 or -0.27%.
The 500 is at 1442.92 down 4.20 or -0.29%.
The $RUT is at 840.75 down 2.79 or -0.33%.
SPY is at 144.26 down 0.36 or -0.25%.
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 92.00 trading between 91.40 and 92.70 and the bias is negative.
Brent crude is mixed today and is at 112.00 trading between 111.55 and 113.40 and the bias is negative.
Gold is down today at 1775.01, trading between 1769.15 and 1782.95 with a negative bias.
Dr. Copper is at 3.76 down from 3.77 earlier.
The US dollar rose from 79.42 earlier to 80.07 and is currently trading at 79.90.
** RRR = Risk Reward Ratio
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Written by Gary
