Thursday, March 15, 2012

Transports Up Big

Transports were up huge today, +3.3%. They had quite a rally the last few days. And with all the talks that they are lagging the Dow and have to confirm the move up in the latter, this rally seems more than welcome. It takes away some doubts imho.

Today's action was typical for a bullmarket; a slow move higher, nothing 'fancy'. The only thing lacking, is a breakout in small caps. IWM is still struggling with the 83-level for over a month now (see daily chart below). But it's setting up ideally this week. A breakout may follow soon!

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Let's start with oil. There were rumors that oil (emergency) reserves would be released and instantly, oil dropped 2%. Later on, the news was inaccurate, according to an Obama aide. And oil recovered fast and furious, but couldn't regain all the losses.
Metals were trading simultaneous with the market/indices.
The euro found support on 1.30 and bounced back to the 1.31-level.

I bought FIO @31 after it bounced on 30.50 (13EMA on the daily). Sold a small part @31.50. The stock couldn't move higher and even dropped back while indices went up. Sold the main part at breakeven (average: 31.06, +0.14%) near the end of the session. All out.

I'm still holding on to my LNKD and INSP positions. LNKD is holding up well, INSP just keeps going higher.

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