Wednesday, June 6, 2012

Bull Trap?

Indices made great gains overnight and added a whole lot more during the session. We went up practically all morning long and then based most of the afternoon. In the last 20 minutes, another rip higher followed. A close on the high of the day, all indices up well over 2%... After yesterday's nice action, could today be another bull trap?

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The only thing not really moving was gold. Silver and copper were up great (silver +3.5%).
The euro and oil both added 1%.

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