Monday, April 2, 2012

Another Rally, Keeping The Bulls Happy

Nothing special at the opening of the session. But after half an hour, volume came pouring in and that was the beginning of a nice and steep rally that ended at lunch time. From there on indices mostly went sideways with another failed break higher in the last 90 minutes of the session. That failed break was followed by a small sell-off, but nothing severe. All in all another good day for the bulls!

The Dow and S&P500 made new highs and tech is not too far behind. Small caps are still lagging and IWM seems to be stuck near that 83-level (see daily charts).

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
A big move for oil today. First it went down to 102, the support-area from Thursday. Not only did that level held, the price of oil bounced off it and went all the way over 105 (+2%).
The euro is trading between 1.3275 and 1.3375, seems to be basing under the 1.34-level.
'Metals & mining' was the best moving sector, silver and copper were both gaining +2%, gold was lagging these two (+0.6%)

I sold another 10% in SNTS @5.98 (pre-market), now only holding the last 10%. SNTS had a nice break to new highs, still looking good.

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