Friday, October 12, 2012

Still No Bounce

After a rip higher half an hour into the session, the market started falling again. This time, the low was in before lunch and then a basing pattern followed. Price went back up in the afternoon, but the bounce wasn't impressive, far from. Near the close, the major indices were still trading close to the lows of the day.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro stood it's ground, holding 1.29 and trying to get back to 1.30.
Metals had a bad day, copper and silver were down 1.3%, gold 0.7%, worse than indices.
Oil found support near 91 for the third day in a row. It needs to clear 93 first and next 94 to get a rally going.

Have a great weekend!

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