Opening Market Commentary For 06-20-2013
Premarkets, consisting mostly of professionals, gave no forewarning of this mornings sell off. One would have been delighted 10 years ago to see yesterday’s fall happen as it would mean wonderful pickings this morning. Great buys would be all over the place. In today’s world of finance, you are on your own as the sell off continues.
The markets opened down in the -1.00% made a fake recovery and headed down again. By 10 heavy red volume was still prevalent but further decent was being slowed by the ‘dippers’ jumping in for what they think are bargains as the averages continued to sink.
The RRR** was narrow at the opening bell today, but an overnight trade would have been a great profit maker on inverse ETF’s.
As for shorting, it still may be too early to start picking out your best candidates, as I feel there is more to the upside to at least close the gaps made this morning at the opening.
Correctly ‘guessing’, of course, is the tricky part of the successful trading equation.
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. Overnight trades have been the best profit makers so far, but be careful.
Again, guessing where the market is going to be tomorrow or next week, at this time anyway, can be a foolish and costly endeavor.
The DOW at 10:30 is at 14911 down 201 or -1.33%.
The SP500 is at 1606 down 22 or -1.38%.
SPY is at 161.24 down 2 or -1.37%.
The $RUT is at 968.92 down 17 or -1.78%.
NASDAQ is at 3401 down 42 or -1.23%.
NASDAQ 100 is at 2925 down 34 or -1.15%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been neutral and the current bias is bearish.
WTI oil is trading between 98.22 and 95.32 today. The session bias is bearish and is currently trading down at 95.53.
Brent crude is trading between 105.04 and 102.60 today. The session bias is bearish and is currently trading down at 102.89.
Gold fell from 1347.16 earlier to 1285.63 and is currently trading down at 1293.85.
Dr. Copper is at 3.059 falling from 3.137 earlier.
The US dollar is trading between 81.43 and 82.32 and is currently trading up at 82.30, the bias is currently bullish.
** RRR = Risk Reward Ratio
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Written by Gary