Wednesday, February 22, 2012

More consolidation

It was the third day in a row with more or less sideways action and indices moving in a rather small range. Small caps (Russell2000) once more underperformed and are looking 'toppy', as if they want to break lower out of their range.
Still, no harm done in the other major indices. Action there looks like healthy consolidation.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Metals: gold had an amazing day, outperforming silver and copper (although they didn't behave bad either)
Oil needed some consolidation, after yesterday's rip higher. But after lunch, it started printing new highs (fake move higher, the highs didn't held).
The euro just keeps trading sideways, but looks ready to break higher.

Articles for tonight:
US Housing Has Bottomed... or Has it?
Understanding the Stochastics Oscillator

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