Friday, August 17, 2012

Two More Weeks...

A 45 cent difference between the high and the low for the SPY today. That's basically nothing. But maybe we could have expected this after yesterday's huge move (yes, there's that sarcasm again).

So a consolidation day, or trading near breakeven for the S&P500. The Dow even made a tiny loss. But tech had a minor gain and small caps were up 0.5%. Sigh, another boring summerday.

Two more weeks of this dull summertrading and September will hit the market. But will it be good or bad? Up or down? Buy the dip or sell the rip? We'll probably read a lot of stories about Greece, Spain, maybe Italy as well. And than there's the US deficit. And China making a hard/soft/any landing. Oh, lots of 'walls of worry' to climb. Or not...

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is hanging in there, still between 1.225 and 1.237. It's trading in a narrow range, just like indices.
Oil keeps climbing higher, up +0.6% and maybe looking for $100 next?
Metals were a mixed bag; gold breakeven, silver down and copper up.

Have a great weekend!

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