Thursday, August 2, 2012

First Fed, Now ECB In For The Kill

Yesterday the Fed moved the market lower, today is was the ECB in the person of Mr. Draghi. He speeched about an hour before the opening of the session and brought the market 1.5-2% lower (it was up 0.5%).

On the daily charts it seems we'll be touching the lower trendlines soon (or for small caps: make new lows). There was a rally into the close today, but too many warning signs here to be uber-bullish on the daily charts (f.e. divergence SPY-IWM, tech not making new highs while big caps did).

Tomorrow the jobs report, that could get interesting...

5m-chart SPY:



Daily charts DIA, SPY, QQQ, IWM:



Euro, oil, metals
Oil, copper and the euro were among the biggest victims of the pre-market sell-off.
Gold and silver traded lower on the same level as the major indices.

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