Monday, August 20, 2012

Consolidating (What Else Is New?)

Not much to say, more consolidation just like last Friday. Is the market working off 'overbought' conditions (the McLellan-oscillator is climbing quite high)? It seems that way, while price keeps hugging the trendlines on the daily charts.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Metals were once again a mixed bag with copper down over 1%, gold up slightly and silver up 2.7%.
Oil and the euro traded breakeven.

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