Wednesday, April 25, 2012

Up - Down - Up - Down - Up - Down - Up

Markets gapped up big, thanks to AAPL-earnings, they crushed estimates and the stock opened +10%. Many stocks profited from the rise, mainly tech-related stocks of course. Nasdaq was up about 2.5% while other indices trailed by more than 1%. Big caps were up only 0.6%.

The morning started with the mentioned gap up and a rally. But then the market slowly fell back to it's lows. Right after lunch time, another short-lived rally started. Only an hour later we were almost back at the lows of the day.
But the bounce came, fast an unexpected, to lead us back to intraday highs. And what do you know, that resistance-level held perfectly and again we moved lower, and fast. Another slightly higher low and we went back... up. Unbelievable, but after touching the highs again (or slightly higher), we pulled back for the forth time. But only a minor pullback this time, no sudden sell-off. And so we closed the session near the highs.

Very choppy, volatile action today. And the FOMC-statement probably didn't help either, with Ben always being able to put doubt in the market.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
While the euro was trading sideways, oil had a very volatile session. It was up overnight but lost $1 on news that Iran is considering to halt it's nuclear program to avoid a European oil embargo. Oil bounced little later, only to go down again on the inventories (they rose 3.98M barrels). But oil just can't seem to close under that 103-level. Price shot back up towards 104.50 and dropped near 104 into the close.

Metals were a mixed bag once more. Gold near breakeven, copper green and silver red.

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