Friday, February 24, 2012

Boring Bulls...

Slightly higher highs for most indices today, but a very small range. In the afternoon prices went down, but found support exactly at yesterday's close (for SPY that is). So no real action, indices are creeping higher. This is a market for stockpickers. Correlations are a lot less than a couple of months ago. Pick the right stock and you can be up 20-30% in a few weeks. Following the indices would only make you doubt the action certain days and stay on the sidelines. Price action in individual stocks is what you want to watch now.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Gold and silver were taking a breather today after a few strong days. Copper didn't need any rest, it rallied nicely. And so did crude oil, another great day and a great week. 110 is now the level oil needs to overcome.
The euro also had a great day and week.

Articles for tonight:
Friday Forex Update
Crude Oil Breakout
What's the Deal With Oil?
The Ultimate Goal For All Traders
Joshua Brown Is One Angry Former Broker

Have a great weekend!

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