Monday, June 25, 2012

Big Gap Down On Low Volume

The market opened with a big gap down and it only went further downhill after that. Near lunchtime, a bottom started to form and price went up again (in a choppy way...) in the afternoon. The close wasn't convincing and could leave more room to the downside in the next couple of days.

The volume today was on the low side, so one can't really speak of distribution. I would think that most big market participants are rather waiting for more (Euro)news to come, before putting money on the table.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Metals were doing great today, breaking higher about two hours after the start of the session. Silver even posted +2% gains.
Oil and the euro weren't that hot, but they cut back some of the early losses, especially oil.

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