Wednesday, November 28, 2012

Gap Down And Bounce

After a big gap down, the market eventually went even lower. Major indices at that point were taking losses of 1%. But then came the bounce. And what a bounce it was! Two and a half hours after the low, market was trading well in the green and near the highs of the last 2-3 days. Quite the comeback!

Indices closed right at the high of day on very good volume. Still, I wouldn't be surprised it the market had some more surprising action in store for us.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Oil and metals went down together with the futures in pre-market. But they suffered bigger losses and didn't recover that well. Gold was hit the hardest, followed by silver and oil. All closing red today.

The euro traded briefly under 1.29 but regained that level and was trading near breakeven at the end of the session.

No comments:

Post a Comment