Big gap up after the news out of Brussels yesterday. Investors appearantly feel good about what's decided (although many people have mixed feelings about what really is accomplished). After the rally yesterday afternoon, the bulls kept attacking overnight, creating a +2% gap up for S&P500 and even +3.5% for the small caps. We sold off for 60 minutes, but no excessive volume or losses and then the reversal came. It wasn't in full force, but the bulls kept squeezing and new highs followed around noon.
5m-chart SPY:
Daily charts DIA, QQQ and SMH:
Lot's of things happening today, also in metals, oil and of course the euro. Gold and silver didn't really gap like indices, but they rallied hard, especially silver (+5%). Oil was up over 4% and the euro gained 2%. Another well-watched winner: copper, up 5.7%.
Trades
Long SPY way too late, I missed 2 prior opportunities because I didn't feel good going long after such a big gain and in such overbought areas. But the bulls kept squeezing and I couldn't resist the third opportunity (see first posted chart today).
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