Tuesday, May 15, 2012

Greece Here, Greece There...

More bad news about Greece, new elections will probably be necessary. On that bombshell, futures dove down from nice overnight gains, all the way back to yesterday's closing levels.
From there on it was a zigzag market, going up, down, up again and down again between yesterday's high and low (undercutting the low slightly to be exact). In the last hour of the session, that low didn't hold as support no more and we soon went about 0.5% lower. An ugly close and it seems last week a bear flag formed that broke down this week.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
While indices managed to hold yesterday's support through most of out the day, metals, oil and the euro all went lower significantly. In the last hour of the session, everything dropped to new lows, indices as well.

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