Tuesday, March 13, 2012

FOMC, JPM And New Highs

What a day! The market gapped higher and pulled back only little in the morning. Today's important news was the rate decision (unchanged at 0.25%) and the FOMC-announcement. On that news, indices acted skittish, but didn't fall. Gold, silver and the euro however travelled lower quickly.

With an hour to go before the close of the session, JPM announced a $15 Billion buyback and a higher dividend. On that news, stocks/indices shot higher and gold & silver made new intraday lows.

We closed at the highs, up nicely (indices all +1.6%) and on decent volume! Although many on twitter keep calling for a top, I only have one conclusion: the trend is still up, charts are looking bullish! I guess a pullback towards the breakout level would be normal (in the near future that is). But we'll probably see some higher prices first.

Indices touched some important levels today: the Dow closed above 13,000, the S&P500 is close to 1,400 and Nasdaq closed above 3,000.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals: they all behaved rather weak overnight, lagging the futures/indices. A big bounce for oil though, little after the start of the session. Metals crawled their way back near breakeven, still lagging indices. The euro bounced on 1.305 and is coming close to the 1.30 support level.
After the FOMC-announcement, gold, silver and the euro initially went down quickly. The euro didn't make new lows intraday, but gold and silver did on the JPM-news.

Still in BONE, LNKD, INSP. I took some (small) partial profits in INSP (per 13.24, in from 12.18) and also in LNKD (per 94.80, in from 87.50).

Articles for tonight:
FOMC Speaks
Higher Oil Prices Are Deflationary
How To Start Keeping A Journal

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