Thursday, April 12, 2012

There's That Bounce!

Yesterday was only a small bounce from Tuesday's sell-off. But today we got a plain old fashion rally. The only thing lacking was volume. Today would have been more convincing if tech had been leading the rally. Instead, Nasdaq was lagging the other indices (for example, AAPL was even down). But then again, tech was also lagging in December/January at the start of the recent bull rally. And we all know what happened next...

Anyway, indices closing near today's highs is a good sign. Let's see if we can get some follow-through tomorrow!

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
They all had a good day, especially metals (copper & silver up over 2%).
The euro and oil were up less than 1%, but moved pretty good as well.

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