Today was a rather big pullback after yesterday's gains. Also worth noticing; some leaders losing big here: AAPL -2.8%, GOOG -4.1% (after earnings), GS -4.5%. We had a nice bounce yesterday, but on low volume. And with some leaders not acting very well today, caution is needed. Indices retraced all the way back to yesterday's lows (with a weak close!) and so did most metals.
Intraday snapshot of futures says it all:
I would suggest to keep position size smaller than usual, you can always add to your winners later on.
5m-chart SPY:
Daily charts DIA, SPY, QQQ and IWM:
Euro, oil, metals
Yesterday's big winners were today's big losers. Copper and silver down >2.7%. Gold lost >1%.
Oil and the euro kept losses smaller, comparable with the Dow-index.
Have a great weekend!
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