Thursday, January 19, 2012

Euro breaking out of it's multi-month range

A small gap up this morning sold off some, but yesterday's high held as support. We went up from there, but nothing major. The market now needs to digest the move from the last two days. I believe with OPEX (option expiration) tomorrow, we'll see a boring day with mostly sideways action. For indices that is. With earnings out, there are always movers, up and down.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Metals were all over the place today: silver was mostly trading sideways, gold was down and copper was up big.
Oil had another 'heavy' day. It couldn't trade higher yesterday, despite the move in stocks. Same thing happened today, it couldn't find buyers after gapping higher but went lower from there on.

The euro had a nice follow-through day and is up a couple days in a row. Update from yesterday's chart:

Articles for tonight:
The Problem With Market Analogs
The Blog Post That Changed My Trading Life

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