Tuesday, October 16, 2012

Gap Up And Run Higher

Indices opened with a nice gap up and went higher throughout the morning. That was followed by a pullback in the afternoon, but another rally into the close made indices end near their high of the day.

So far we see constructive action from the bulls. Most of last week's pullback in Dow and S&P is made up for. Tech and small caps are lagging, but are up as well (especially tech).

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Gold and silver were bouncing after yesterday's losses.
Copper and oil were basically flat while the euro went up (over 1.30), together with the major indices.

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