Friday, June 22, 2012

You Call That A Bounce?

Well, it was a bounce, but bulls will need to try a lot harder next week if they want new highs. The volume was very low, the only positive thing is that overbought conditions are worked off with yesterday's move.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Oil got a good bounce today after a 2-day sell-off (down 8% in those 2 days). Oil ended up +2.5%.
Metals didn't react that well with copper and gold just in the green and silver at breakeven.
The euro couldn't bounce either, it's now trading near 1.255.

Have a great weekend!

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