Friday, September 14, 2012

New Highs But Market Can't Hold On To Gains

After a nice run in the morning, indices dropped back during the day. The market is getting overbought and a small pullback or some sideways consolidation wouldn't hurt. On the Dow and S&P500 we see inverted hammer candles, so Monday could bring lower prices.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
There's no stopping the euro at the moment. After a nice run yesterday, the currency blasted through 1.30 and even passed 1.315 along the way. But the move is getting extended, caution is needed.

Oil made a similar move, gaining 2% in pre-market and looking at the north-side of the 100-level. But even before the opening of the US-session, oil dropped back and kept falling, leaving only small gains in the end.

Gold made minor gains and silver closed near breakeven. But copper made a huge 3%-move!

Have a great weekend!

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