Opening Market Commentary For 06-19-2013
Premarkets were flat and difficult to tell where Mr. market was going to go this morning at the opening. Even when the markets did open it appeared the ‘dippers’ jumped in as the green volume made a decent jump, but the averages didn’t seem to move one way or the other. This could be seen as an important insight to the market weakness or maybe investors are waiting for the FOMC meeting today. For that we will know soon enough.
By 10 am the markets continued to be flat and lackluster while we wait for Dr. Ben.
The RRR** was narrow at the opening bell today.
The trading range has been so narrow that way too much money has to be put on the table just to get back meager gains. Do not fall into the trap of money burning a hole in your pocket, sit tight better days are coming. I keep hoping for increasing volumes to signal improved trading.
The DOW at 10:00 is at 15293 down 22 or -0.14%.
The SP500 is at 1649 down 2 or -0.14%.
SPY is at 165.50 down 0.24 or -0.14%.
The $RUT is at 997.45 down 2 or -0.25%.
NASDAQ is at 3481 down 1 or -0.03%.
NASDAQ 100 is at 2995 down 1 or -0.04%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been positive and the current bias is neutral.
WTI oil is trading between 98.48 and 99.21 today. The session bias is neutral and is currently trading down at 98.66.
More Widening For The Brent/WTI Spread ahead?
Brent crude is trading between 105.94 and 106.57 today. The session bias is neutral and is currently trading up at 106.36.
Gold rose from 1364.16 earlier to 1375.02 and is currently trading down at 1372.65.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.133 down from 3.173 earlier.
The US dollar is trading between 80.85 and 80.67 and is currently trading down at 80.75, the bias is currently neutral.
** RRR = Risk Reward Ratio
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Written by Gary
