Tuesday, September 4, 2012

Small Caps Outperforming

After a more or less flat start, indices started dropping, with the Friday lows being support areas. The Dow and S&P500 build a nice and slow base and broke higher in the afternoon. Tech and small caps shot up earlier on and especially small caps made great gains, +1.3%. Meanwhile the other indices were only just in the green (and Dow still red).

There was a pullback into the close, but the daily charts tells us the best story. We're still going sideways, for almost two weeks now... Waiting for a (big?) event to get us out of this consolidation.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Metals had a nice follow-through day after Friday's rip higher. Silver again was the best of the class, +1.8%.
Oil didn't do well, down -1%.
The euro is mainly trading sideways near the 1.26-level.

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