Monday, May 14, 2012


More bad news from Europe and futures went down almost 1% in pre-market (see below)

We went further down in the first hour of the session, and that's when the bottom was printed. A decent bounce followed, but it wasn't long-lived. A 10-minute spike higher was the end of the rally and the start of choppy midday action. Price tried to rally in the afternoon, but soon reversed towards the lows of the day.
The bulls didn't buy the close, weak action there as well and we might see lower prices tomorrow.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Metals were in the doghouse again: copper went down more than 3.5%, gold lost 1.5% and silver was down 2.3%.
Oil lost the 95-level and was down 2%.
The euro lost more territory and is closing in on 1.28.

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