Tuesday, July 17, 2012

Nervy Market Thanks To Uncle Ben

When Bernanke speaks, it usually results in a nervous market, with some wild moves up and down. Today was no different. Initially the market sold off fast and heavy in the morning, but after a one hour drop, it reversed back up and even made new highs for the day (for the Dow and the S&P500).

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Another day up for oil, this time it was trading along with the major indices.
Metals were underperforming, especially gold and copper. Silver did just slightly better than these two, but also ended in the red.
The euro keeps trading right under the 1.23-level, basing nicely so it seems.

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