The wedge took a very long time to form, and a breakout higher only happened in the last hour of the session. Nothing huge, only a small move higher. Volatility is quite low this week, due to 'holiday-trading'.
Tech lagged in the first 45 minutes, but then started moving as well. Still, with big caps leading this 'rally' and not tech, caution is urged.
5m-chart SPY:
Daily charts DIA, SPY, QQQ and IWM:
Metals were taking another beating pre-market (with stocks just above breakeven), but except for gold, they got back in the green. Looking at the move in silver, with the candlestick-pattern and the volume, this might be a (short-term) bottom.
Oil eventually dropped a bit more today, but also got back up.
The euro went to new lows in premarket but crawled back to breakeven.
Some articles for this evening:
Getting Out at the Correct Stop
2011: The Year of the Euro - 2012: The Year of the...
The Fixer-Upper Trade
When boring utilities dominate, momentum traders should stay home
Soros Sees Gold Prices on Brink of Bear Market
The End Of The Euro And The End Of The Investor
US budget in simple English
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