Friday, July 13, 2012

Another Higher Low

The first 40 minutes of the session were comparable with a spaceship taking off. Indices rocketed higher and consolidated the move for the rest of the day by moving mostly sideways. Entering the last hour of the session, price broke out of the consolidation. It couldn't get much higher though, mostly because the volume (aka buyers) wasn't there.

So, great gains for the indices, all in the neighbourhood of 1.4-1.7%. And another higher low is made on the daily charts.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
A hell of a move for copper (+2.4%), while gold and silver are up as well, but smaller.
Oil gained more than 1% and is breaking out of a bullflag it's been building for over a week now.
The euro is finally seeing some upside and might be in for a short-term bottom.

Have a great weekend!!

No comments:

Post a Comment