Wednesday, June 13, 2012

More Sideways Action

The market tried to rally most of the morning, but couldn't get much higher than yesterday's high/close.
Early in the afternoon a third attempt failed and was punished with a sell-off straight down into the close. The last 5 minutes brought some relief for the bulls.

On the daily charts, we mainly see sideways action. There's a lot of uncertainty in the market, each rumor can cause a spike higher or a sell-off.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Gold managed to stay green, but copper and silver were down.
The euro was up 0.5% while the market dropped, it barely gave back any of the gains made early in the session. Thus outperforming indices/equities.
Oil had another bad day, losing about 1%.

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