Tuesday, July 24, 2012

Sell The Rip?

The market is desperately trying to hold the trendline from which it bounced yesterday (see daily charts).
After undercutting the trendline, indices closed right on it (except for small caps, they are underperforming badly).

Basically the close was bought, price kinda ripped higher in the last half hour of the session. But Apple missing earnings didn't help (AAPL down >5%) and the market was back to it's lows after hours...

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro stood firm yesterday, but lost almost 0.5% today. New lows for the currency, closing in on the 1.20-level.
Gold and silver didn't do bad, both closing near breakeven. Copper acted weaker, down 0.7%.
Oil rebounded from yesterday's big losses, but losing big after hours, just like market in general on AAPL missing earnings.

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