Monday, February 6, 2012

Sideways consolidation, digesting Friday's big move

Not much to say regarding indices or stocks in general. We are seeing mainly sideways, consolidating action on low volume which is healthy after Friday's big move up. As long as Friday's opening gap holds, the action is bullish. But as stated before, most indices are near important resistance-levels and a pullback (big or small) is still possible.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Metals and oil were mostly consolidating, moving sideways together with indices.
The euro from the other hand dropped slightly early in the morning, but bounced back during the regular session.

Articles for tonight:
Stock Market Correlations
The two sides of the Gold Coin
Why Isn't the Market More Worried About Iran?
The Deadliest Sin
The Genetics Of Wall Street
If I Were A Broker, Here's How I'd Sell Facebook
Employment Chart Palooza

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