Tuesday, December 20, 2011

Big turnaround, ready for a possible Santa Claus-rally?

The second day of the trading week is also known as Turnaround Tuesday. And a huge turnaround it was. Indices opened +1.5% higher and kept on running. The volume was good too and we're closing almost at the high of the day. So a very bullish development today, now let's see if we'll get follow-through in the coming days.

Another bullish sign: the VIX is down (and it barely went up when the market recently broke lower). New lows on the 'fear'-index and heading down to 20 => bullish!

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Metals, oil, euro... all were positive and more or less in sync with stocks. A huge winner was oil: up 3.5%

To end the day, some interesting articles/blogposts from:
The Reformed Broker and a second post here
- Crossing Wallstreet
- All Star Charts

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