Monday, October 8, 2012

Boring Session, Not Much Movement

A gap down in the morning after Friday already ending in the red for most indices, made the latter look vulnerable. But today's range was rather tight and bulls nor bears look convincing at this point. Wait and see what tomorrow brings, today looks rather meaningless.

Tech had a bad day, compared with other indices. Apple was once again in the doghouse, losing another plus 2%. A (short-term?) top seems in place.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro lost 1.30 today, but only just. Down 0.5%.
Silver got a beating, losing 1.5%. But gold was barely in the red and copper even went up for small gains.
Oil tested support in the 88-area and bounced back towards the 90-level.

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