Thursday, October 11, 2012

Gap Up And Back Down Again

After a nice rally in pre-market (nice gap up), bulls weren't able to hold on to the gains. Indices went a little bit higher in the morning, but then price did nothing but fall, right back towards yesterday's closing levels. Only small caps did a bit better, tech even traded 0.3% in the red.

The bulls aren't ready yet to buy this dip. Maybe we'll see better action tomorrow. If bulls don't step up tomorrow, it could get ugly going into the weekend.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is back above 1.29 and so far, 1.28-1.285 seems good support. As long as that holds, bullish!
Metals were kind of mixed. After a good day yesterday, silver now traded breakeven. Gold was up little and copper +0.7%.
Oil had a great day (+1.3%) and wants to go higher. 94 is the resistance-level to watch.

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