Thursday, August 23, 2012

Market Keeps Pulling Back

Indices kept pulling back today with a gap down to start with. All the euphoria from the FOMC-minutes yesterday, seems completely gone. There was a bounce-attempt in the afternoon, but it failed and indices ended close to the lows of the day.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro and metals went up while the market was diving lower. Silver had another +2% gain.
Oil was up in premarket and throughout the morning. But in the afternoon the tide turned and oil played catch up with Mr Market. Result: down over 1%, it lost more than indices.

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