Thursday, July 12, 2012


Indices opened with a gap lower and sold off some more. With the major indices over 1% in the red, a reversal took place. Tech (and to a lesser extent also small caps) were lagging big today. But near the end of the session, the Dow and S&P500 got back near yesterday's closing levels.

The close however was a bit disappointing. Meaning, not that strong. But with indices finishing in the upper half of today's range, there still is hope for the bulls.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
A big intraday reversal for crude, what a U-turn! It bounced of the 84-level (again!) and even went over 86 temporarily, back in the green. Silver did a similar thing. Gold and copper however were trading in the red at the close, but gained back some of the earlier losses as well.

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