Wednesday, April 11, 2012

A Bounce, But Now What?

We got a big opening gap to the upside this morning. But from there on, price moved up and down in quite erratic fashion. Near the close, indices moved to new intraday lows but buyers brought prices back up in the last minutes of the session.

Despite the oversold levels after five days of selling, we didn't get much of a bounce today (and most of it happened overnight). The next couple of days will be key to tell if we go up or down from here on.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Metals were all down, but only little. The euro was up a little bit, like the indices.
Oil on the other hand started to move up significantly (+1.5% at the close) when the news was released that crude oil inventories rose 2.79M barrels last week.

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