Tuesday, March 27, 2012

Market Coming Off Its Highs Near The Close

After yesterday's rally, a consolidating day was the logical outcome for the indices. They mainly traded around yesterday's closing price. Except for tech that is. Nasdaq was the only major index in the green and it certainly had AAPL to thank for, which was up to new highs.

Some reason for concern is the selling (on rather high volume) we saw at the start of the last hour of the session. However, total daily volume wasn't high enough to call this a distribution day.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
They were all selling off at the open. Oil was the only one going back in the green/breakeven.
However, losses for metals and the euro were not that high.

Sold some more SNTS @5.86 (2/5 of position), holding on to the remaining 40%. Looking for 6 as the next target.

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