Wednesday, July 25, 2012

Sideways Action, What's Next?

After AAPL-earnings miss yesterday, everything was possible today. There was a decent bounce overnight and futures opened almost flat. But then everything started to collapse again. Yesterday's lows held (except for Nasdaq, because AAPL is such a big factor for this index) and we went back up at noon, aiming for the high of the day.

Indices got to (or near) that point, but then we went down once more. The close was near the open and in the middle of today's range. A sign of indecision and tomorrow might bring clarity about the next trading direction.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
A nice rebound for metals, they were up +1%, outperforming indices easily.
Oil was 'only' up 0.5% after being down more than one percent, not bad at all for oil-bulls.
The euro also had a good day, up about 0.75%. But will it be the start of a rally or just a temporary rebound?

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