Opening Market Commentary For 03-27-2013
Premarkets were down -0.60 at 8 am, but little could be gleaned from available news. So many times in the past the premarket has been down and the averages ended moving up later in the session. This market place is not for the faint of heart and those who are not paying attention could lose a bundle.
Markets opened down on relatively moderate red volume and then tapered off. There were several large gaps in the NASDAQ, $RUT and SPY (among others). Notably, the DOW had several at the opening which is highly unusual and I suspect the markets will rise and close these gaps before moving on.
The BTFD ‘dippers’ have made their mark by halting the downward fall but this time I am unsure of their wisdom.
By 10 am the averages had leveled off and volume was also falling leaving the HFT computers to melt the markets up.
The DOW at 10:00 is at 14482 down 80 or -0.86%.
The SP500 is at 1555 down 8 or -0.56%.
SPY is at 155.31 down 0.90 or -0.58%.
The $RUT is at 942.06 down 8 or -0.82%.
NASDAQ is at 3232 down 20 or -0.61%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been neutral to bearish and the current bias is down.
WTI oil is trading between 93.50 and 96.15 today. The session bias is negative and is currently trading down at 95.74.
Brent crude is trading between 108.10 and 109.82 today. The session bias is bearish and is currently trading down at 109.15.
Gold rose from 1591.20 earlier to 1604.00 and is currently trading up at 1603.45.
Dr. Copper is at 3.43 down from 3.47 earlier.
The US dollar is trading between 82.88 and 83.49 and is currently trading up at 83.45, the bias is currently bullish.
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Written by Gary