Tuesday, July 3, 2012

Oil Keeps Rallying

A short trading day with the fourth of July coming up.

The market made a small move higher, but through important resistance levels for most indices. Since we're getting overbought, I wouldn't be surprised to see a small pullback under these resistance levels. Interesting to see what Thursday will bring with the US market closed tomorrow and Europe open for business.

Oil is rallying hard the last couple of days. It couldn't get any buyers in during the last couple of weeks, but now it's really spiking, +11% in 3 days.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Oil and metals did really well today. Oil gained 4.4%, gold 1.4%, silver 2.8% and copper was up 2%.
The euro bounced but not much.

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