Friday, June 1, 2012

Bad Data + Nervous Bears = Big Losses

Futures were down in pre-market and that only got worse when the non-farm payrolls were announced. The numbers were terrible and the market sold off another percent. Less than two hours into the session, most indices were down about 2%.

And after a small, meaningless bounce, it got worse. All major indices were down at least 2%, tech lost 2.5% and small caps even 3%! On the daily charts it looks like we're just getting started with bear flags everywhere that got broken to the downside...

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Wow, oil is really getting killed this week. It's top on Tuesday was 92, today it traded into the 82's, ouch! Another 3.8% down today and close to losing 25% in a month! At least prices will be cheaper at the pump this summer!

Gold and silver were the areas money went to (that and recently the dollar). The precious metals were up 2.5-4%. Copper was down over 1%.

The euro went under 1.23, only to bounce over 1.245. Than a pullback under 1.24 occurred, talking about a wild ride!

Have a great weekend!

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