Thursday, May 10, 2012

Still Haven't Figured It Out

The market was in 'chop-mode' today, not really knowing were to go, up or down. We started the day with a gap up that got faded until we almost reached yesterday's closing levels. After a double bottom, price tried to regain the morning highs. That nearly happened, but than another reversal send indices down again. Into the close it even got uglier with new lows for the day. But yesterday's close was exactly were bulls stepped in for a small rally in the last five minutes of the session.

Tech was definitely lagging today, by 0.4% where as other major indices kept in pace with each other.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
While copper and gold were green. Silver was trading near breakeven for most of the day, but broke lower in the last hour of the session.
The euro bounced a little bit. Oil ended the day flat after being up most part.

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