Monday, April 16, 2012

Tech Leading The Sell-off

The morning brought us a gap up that got sold heavily, down 1% in S&P500 in 45 minutes time.
And that was the low of the day from where price bounced somewhat. In the afternoon a nice rally started that tried to get price back to opening levels. That happened for the Dow and small caps, but not for the S&P500 and tech.

Tech was once again leading the sell-off and didn't recuperate as much as other indices. Dow was leading today's action (money flows from tech to big caps, the 'safe-haven'), followed by small caps (a laggard for weeks, but doing pretty well today). Then came the S&P 500. Thanks to the afternoon rally, all indices except Nasdaq turned green again. But in the last 15 minutes of the session, the bears decided they had enough. Just like Friday, price fell again, but less dramatic.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Oil and metals finished close to breakeven.
The euro managed to make a nice gain after bouncing off the 1.30-level. It's now back over 1.31.

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