The GDP-numbers (see below) that came out in premarket, weren't exactly good. Later in the day, Fitch announced the credit downgrade of 5 countries: Spain, Belgium, Italy, Cyprus and Slovenia. Despite the negative news, markets held firm. It says a lot about how resilient this market is and how bulls are stepping in to buy the dips time and time again.
5m-chart SPY. Most of the day, we moved sideways near yesterday's lows. But with 90 minutes to go, the S&P500 started to go up.
Daily charts DIA, SPY, QQQ and IWM:
Metals were a mixed bag; gold and silver moving up nicely, while copper was down.
Oil traded sideways between 99 and 100.50 most of the day.
The euro made another nice move higher, over 1.32.
Feeling a bit silly with my SINA and DANG trades from 2 weeks ago. They are now trading at +$70 and +$8 respectively. I sold for $57.12 and $5.84, making relatively small (daytrade) gains (2.5% and 4%). Could have made 10-fold swinging these names (and others)...
Articles for tonight:
The Outlook for Metals
Contraction of volume in stock market is not good news
Oil Markets Seen Withstanding Iran Attack Shock in Global Investor Survey
The Advantage of Day Trading
Have a great weekend!
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