Thursday, June 21, 2012

Trendday Down + Commodities Still In The Doghouse

The market opened flat but soon everything went down. It was actually a clean trendday down with no bounce at all... Very bearish action, but expected since we were way overbought. Still, -2% on SPY and even -2.5% on tech and small caps is a heavy verdict.

The chart hereunder is the situation about 5 minutes before today's close and says it all...

All indices went back through their support areas on heavy volume. It reminds me a lot of last September. But we could just as well print new lows soon if the 'Euronews' doesn't get better.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
What can I say.. OUCH! The euro was down more than 1%, copper and gold lost >2.5%, oil almost 4% and silver even over 4% in the red.
Metals and oil keep getting punished and didn't get much upside lately. Where as equities/indices had a small rally the last couple of weeks.

No comments:

Post a Comment