Opening Market Commentary For 10-10-2012
Markets opened mixed and down recovering somewhat, but remaining flat. The ‘BTFD dippers’ are out in droves battling it out with the bears. The international news is light but some announcements with the Fed the Beige Book report on economic conditions two hours before today’s close are expected.
Today is beginning to look like the past sessions with low volume and generally lackluster.
The RRR** was very narrow at the opening bell. Any trades will probably end up on the unprofitable side as long as this market has low volume or 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. Guessing where the market is going to be tomorrow or next week is a foolish endeavor at this point in time.
The DOW at 10:30 is at 13439 down 34 or -0.25%.
The 500 is at 1440 down 0.92 or -0.06%.
The $RUT is at 829.03 up 1.08 or 0.13%.
SPY is at 144.12 down 0.07 or -0.05%.
The longer trend is up, the past week’s trend is neutral to bearish and the current bias is neutral to bearish.
WTI oil is up today and is at 93.07 trading between 91.60 and 93.35 and the bias is positive.
Brent crude is up today and is at 114.60 trading between 113.78 and 114.90 and the bias is positive.
Gold was down then back up this morning. Currently trading down at 1765.98, trading range is between 1757.34 and 1767.90 with a neutral bias.
Dr. Copper is at 3.72 up from 3.70 earlier.
The US dollar fell from 80.30 earlier to 79.94 and is currently trading at 79.99.
** RRR = Risk Reward Ratio
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Written by Gary