Monday, July 16, 2012

Consolidating Last Friday's Rally

Mr. Market was recovering from the move higher last Friday. No big moves in indices, just some consolidation before we (probably) go higher.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
No rest for oil. After breaking out of it's bullflag last Friday, oil gained another 1.4% today.
Metals were outperforming indices, but not by much. Silver was leading, gold and copper traded close to breakeven or with a small loss.
The euro also made some progress, it's looking at the 1.23-level next.

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