Thursday, February 16, 2012

No no bears, we're still going higher!

In premarket, ES-futures went exactly to the level of the Friday-lows which held as support. Some choppy trading in the first half hour, but then the bulls went for it. An amazing rip higher, right back to the previous highs/resistance. Indices even made new highs right before the end of the session.

We have seen some very volatile days this week. No wonder the VIX aka fear-index is going higher. Tuesday was a big rip up that totally got faded yesterday. But today brought an even bigger rip right back to market highs => very bullish. Wanna bet we open lower tomorrow?!? But since most indices were trading near the same levels for two weeks now, overbought conditions are worked off well and we're ready for new highs. Unless Greece finally defaults overnight or something to that effect...

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Metals, euro, oil were all opening with a gap down. Oil and the euro were back in the green near lunch time, but precious metals had all the trouble in the world to get back to yesterday's closing levels. Silver and copper eventually did go green, but gold was breakeven.

Tonight's articles:
Europe's big buyers cut ties with Iran oil

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