Tuesday, November 20, 2012

Bernanke Adding (Some) Volatility To The Market

Indices made slightly higher highs in the morning. But during lunchtime, Bernanke spoke. And when Ben speaks, it often has it's impact on the market. And yes, today was no different. The market dropped about half a percent. But then indices bounced and at the close, they traded back near breakeven.

Basically, today price was digesting the move from the previous two days. Some more basing/trading sideways, would be bullish for the market.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro kept trading near or just above 1.28. Metals also performed well after yesterday's big gains. Silver and copper breakeven or up little, gold with a small loss. But oil gave back all it's gains of the previous day, -2.5%.

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