Tuesday, February 28, 2012

Tech Leading The Action

We had a messy open with a spike up after half an hour, a spike back down and then a rally up. In the afternoon we sold off towards the morning lows (and yesterday's close) and - again - a move back up to the high of the day. The market closed strong, with tech being the outperforming by a mile.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Metals: first of all, a big sprint higher from silver. Gold and copper were also up, but only little compared to silver.
Oil keeps pulling back, a healthy move with recent gains in mind. When the market pulled back (only small) in the afternoon, oil lost 1.5% and stayed near the lows.
The euro dropped right after today's open, found support near yesterday's close and shot back up towards the previous highs.

Articles for tonight:
About that Crash in Natural Gas Prices
This Is What Happens To The Stock Market After Rallying 15% In 3 Months
Growth Stock Strategy: Buy Bullsh*t Downgrades
A Guaranteed Losing Strategy: Moving Stops
Using the ADX indicator for trade signaling and timing

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