Friday, September 7, 2012

Small Caps Again Are The Bellwether Of The Market

Not much to say about today, despite a rather weak job number, the market crawled higher (except for Nasdaq). Small caps 'outperformed' with a +0.5% gain, the other indices are barely worth mentioning.
Look at the 5m-chart of SPY below, the difference between high and low is only 45 cents, that says it all.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Precious metals were hot today. Gold was up +2%, silver gained +3%. But both were outperformed by copper, almost +4%!
The euro finally broke higher after consolidating between 1.25 and 1.26 for 2 weeks. It tapped 1.28 and closed right at that level.
Oil had another volatile session, after bouncing of 94, it shot back up to 96.4, up 0.9%.

Have a great weekend!

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