Midday Market Commentary For 12-13-2012
Very late getting back from lunch – out with a couple of bankers that can tell some stories. Just a quick report – 2 hours to go and it doesn’t look good for the bulls. The markets are headed for the basement. Everything is in the red with some serious profit taking in the process.
“Inflation at the producer level slipped 0.8% in November from October, a bigger drop than then 0.5% economists expected. Excluding the food and energy components, prices rose 0.1%, a shallower gain than the 0.2% forecast.”
The DOW at 2 pm is at 13180 down 65 or -0.49%.
The SP500 is at 1419 down 9.61 or -0.67%.
SPY is at 142.62 down 0.90 or -0.62%.
The $RUT is at 825.10 down 4.26 or -0.51%.
NASDAQ is at 2992 down 23 or -0.74%.
The longer trend is up, the past months trend is bullish and the current bias is down.
WTI oil was choppy this morning and is currently trading down at 86.42 trading between 83.75 and 86.98 and the bias is negative.
Brent crude was also very choppy this morning and is currently trading down at 108.40 trading between 109.50 and 108.21 and the bias is negative.
Gold was down this morning. Currently trading down at 1695.55, trading range is between 1710.63 and 1689.50 with a negative bias.
Dr. Copper is at 3.66 down from 3.71 earlier.
The US dollar slipped from 80.10 earlier to 79.87 and is currently trading up at 80.00.
** RRR = Risk Reward Ratio
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Written by Gary