Thursday, October 4, 2012

Back From Holiday

Back from a great holiday (except for some rain on the second day and a car accident, but hey, shit happens).

The major indices were all up between 0.3% and 0.5% and made new highs for the week. But so far, we're not seeing a big break higher. And while recession- and other stories out of Europe keep coming, the US stock market won't go that much higher. The mid-September highs are still standing and need to be broken sooner rather than later, or a correction could be waiting around the corner.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
After the drop from 91.5 to 88, oil made it all back in just one day. Tensions between Turkey and Syria are helping, but so is the fact that 88 is nice support.
Gold and silver also made nice gains, up 0.7% and 1.1%. Copper closed breakeven.
And the euro seems to be ready for more upside. Back over 1.30 with almost 1% gains today, nice.

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