The question that should be asked is the following. Is today's action only a minor reaction to yesterday's losses or was today the dip you should've bought?
5m-chart SPY:
Daily charts DIA, SPY, QQQ and IWM:
Metals: silver was up 1.5%, outperforming gold and copper.
Oil: there's no stopping oil it seems. The 105-level held as support and oil looks more bullish than anything else out there (compared with index-futures and other commodities that is).
The euro was up, but not much. Not sure that this is the end of the suffering for this currency.
Trade
I went long AIS @2.75 with a stop at 2.63 for a swing trade. Looking for the 3-dollar target.
The chart looks good and today the stock broke out of a 4-week triangle with reasonably good volume. It looks ready for prime time, but may need a helping hand from Mr Market.
Articles for tonight:
Are Financials Setting Up for a Relative Breakout?
The Fed is Watching Every Stock Market Tick, Apparently
Trade to improve your portfolio
The Trader's Emergency Survival Plan
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