Thursday, August 16, 2012

Finally Some Action

After some consolidation early in the morning, indices started a nice rally that lasted all day long, except for a minor pullback at the close.

Tech lead the other major indices and was gaining more than 1%, way ahead of the Dow and S&P500. That looks like a big number after the sideways action from the last days (yes, I'm being sarcastic). But with the low volume on this break higher, caution is necessary.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Oil had another good day, confirming the breakout from the bullflag, up almost 1%.
Metals did okay as well, gold +0.6%, silver and copper over 1% gains.
Even the euro had a good day and rallied to the 1.237-level, a level that acted as resistance a couple of times the last few weeks.

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