Tuesday, July 31, 2012

Indices Pulling Back

Not surprisingly we're seeing some downside here after ripping higher last week. The Dow and the S&P500 were lagging this time, while tech tried to stay breakeven (down 0.1%). Small caps initially were leading together with Nasdaq. But when the market turned lower, small caps quickly surpassed the others and had the biggest loss of the major indices.

The close was rather bad with all indices except Nasdaq making new lows. Right after the close, indices are dropping some more. I expect a bounce overnight to open higher and then maybe some more 'blood'.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro did pretty good, considering indices were pulling back.
Gold and silver were trading lower, but copper kept in the green (but only just).
Oil had a really bad day, losing about 2.5%.

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