In pre-market, the market first began to rise quickly (even broke higher a few S&P-points), but than an ugly reversal followed when Dragi said he didn't made any commitment to do more bond buying. This brought us back near yesterday's lows. And after a short bounce we soon went lower beyond last days lows.
After falling 35 points, S&P finally found it's low of the day in the last hour of the session, or so it seemed... Lot's of buying at first, we went up almost one percent from the lows. Than we lost all of those gains and them some on news that Germany rejected the EU draft (definitely news of the day, considering the reaction it got!)
I expect a rather choppy session tomorrow, especially with the EU economic summit in mind. Still, there might be continued selling after that news from the Germans. It's probably best to follow up on the reaction of markets in Asia and Europe tonight and tomorrow morning.
5m-chart SPY:
A new concept for the daily charts, now printing DIA, SPY, QQQ and IWM (the ETF's for Dow, S&P, Nasdaq and Russell2000) in one screen. Click for a larger view.
Precious metals took a decent hit, and so did oil. Losses were between 2 and 3%.
The euro tanked, but held up rather well in that last hour selling spree.
No comments:
Post a Comment