So what does that tell us? Well, it's been a hard year to trade, with lots and lots of wild swings up and down. No big trends like 2009-2010 gave us, and I'm not expecting anything better in the first half of 2012. But because the stock market has this amazing gift of being able to look into the future, be prepared for anything!
Today, most of the action was sideways and barely worth mentioning. See for yourself on the chart below. Although that closing bar looks rather bad, we're only down between 0.3% and 0.55% on the major indices.
5m-chart SPY:
Daily charts DIA, SPY, QQQ and IWM:
The metals trended higher during the morning, a nice follow-through after yesterday's bounce. But at lunch, prices reversed and silver went back in the red. Gold and copper pulled back less and are still up nicely.
Oil lost 0.6% and is trading near 99.
The euro bounced up, but hit a brick wall at 1.30. Another classic case of support becomes resistance? Wait for confirmation in the coming days.
Just one more article:
Keynes Was Right
Happy Holidays, have a great year end!
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