Indices are going higher on low volume, basically running on fumes. Also, small caps-index RUT still hasn't passed it's 50SMA like the other major indices. A divergence that should be followed over the next few days.
Meanwhile, tech is still outperforming other sectors.
Today's trading range in SPY (5m-chart):
Below the daily charts for DIA and QQQ. As said yesterday, I'm no longer convinced we'll see a big move down any time soon. Unless very ugly news from Europe would be announced. One never knows of course! As long as this Euro-crisis is going on, along with the bad US-housing market and unemployment problems, I expect this messy action to continue. And probably slowly taking us back lower for the next couple of weeks.
As mentioned in the previous post, copper lost big in early morning trading, but regained some of it's losses. Still down >2%. No real important moves in oil, gold or silver. The daily charts for gold and silver look very bearish, while oil seems to trade in high correlation with stocks.
No trades today, waiting for a chance to short this market. It would be foolish to place any longs here. It's smarter to wait on the sidelines for better opportunities!
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