pening Market Commentary For 11-12-2012
Premarkets were at the closing numbers of the SP500 Friday (1379). Markets opened slightly higher but remained flat and trading sideways under very low volume.
By 10 am the markets were really slow and lackluster.
It is time for the HFT computers to take over and melt the markets a bit higher.
Unless we hear of some exciting news today it might be another great day to get in a round of golf.
The trend has been down for about two months; last week it accelerated. The market can turn here, but I’d rather see more weakness that forces the breadth indicators to hit extreme levels. Then a bounce can last long and go further. A bounce right now is likely to get sold into unless it comes with extremely good news.
Greece’s parliament put the rubber stamp on its budget for 2013 late Sunday night with a wide margin as 167 deputies approved the bill, 128 voted against, four voted ‘present’ and one member was absent.
Don’t start counting those chickens yet that things will be resolved on Greece at the meeting of eurozone finance ministers in Brussels later today.
The Dutch Finance Minister Jeroen Dijsselbloem has said the eurozone finance chiefs may have to met again in Brussels later in the week to finalise a decision on a Greek rescue
As he entered today’s talks he said:
I certainly do not rule that out.
We’ll not put ourselves under time pressure. If more time is needed, we’ll take it.
If I have to travel back and forth another two or three times before we come to a decision, I will do that.
The Greeks have left a lot of things until the last minute, so we’ll also take the time to consider where we are.
This will not be what Greece wanted to hear.
The RRR** was very narrow at the opening bell, just as it has been for the past month. Any trades today will probably end up on the unprofitable side as long as this market remains flat or continues to have low volume.
I have issues with some traders in that they are saying there are setups for day trading. This is true enough, but the trading range is so narrow that way too money has to be put on the table just to get back meager gains.
Swing trading is also 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 as the markets are currently untradable. Guessing where the market is going to be tomorrow or next week, at this time anyway, is a foolish endeavor.
The DOW at 10:00 is at 12824 up 9.00 or 0.07%.
The 500 is at 1382 up 2.73 or 0.19%.
The $RUT is at 796.92 up 1.88 or 0.24%.
SPY is at 138.56 up 0.40 or 0.29%.
The longer trend is up, the past month’s trend is bearish and the current bias is neutral to bearish.
WTI oil remained neutral from Friday’s close and is at 85.96 trading between 85.45 and 86.46 and the bias is neutral.
Brent crude was up today and is at 109.82 trading between 108.55 and 109.99 and the bias is positive.
Gold also remained in a tight neutral zone after Friday’s close this morning. Currently trading down at 1734.15, trading range is between 1731.57 and 1737.50 with a neutral bias.
Dr. Copper is at 3.46 up from 3.43 earlier.
The US dollar fell from 81.16 earlier to 81.01 and is currently trading at 81.08.
** RRR = Risk Reward Ratio
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