Can You Say... Fiscal Cliff

The most trending word(s) these days must be: fiscal cliff. A politician only has to use it in whatever context, or markets are going berserk for a couple of minutes or more. Big short-lived reactions/moves, but in the bigger picture they don't mean much. For daytraders however, this must be infuriating from time to time.

After 3-4 days of sideways action, markets are moving higher again. We're still near overbought levels, but in a good bull market this could go on for some time. Major indices are back near or in the neighborhood of their 50 day moving averages, a possible turning point. Trimming or hedging long positions here isn't a bad idea. After all, it never hurts to take some profits.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Every time the major indices have a decent up or down day, metals and oil act accordingly and make gains/losses 2-3 times as big (percentage wise that is).
And so was the case today. Oil, silver and copper all gained big, gold not so much.
The euro touched 1.30, but this is still resistance (for now).