Monday, November 19, 2012

Gap Up And Go!

Great follow-through day after the bounce and strong close on Friday. Indices gapped up about 1% and rallied some more in the morning. Two more minor rally-attempts didn't add much gains. But in the last hour of the session, indices were up 1.6% (Dow) to 2.3% (Nasdaq) after another strong close.

Tech was leading, no surprise there with AAPL up over 7% (shorts are getting squeezed in this bounce, following the sell-off that started the end of September).

It's a short week with Thanksgiving on Thursday and an early close (1 PM) on Friday. But I wouldn't be surprised if we closed the week near 1400 on the SPX.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Great action on oil and metals. Oil, copper and silver were up +2%, gold gained more than 1%.
The euro is back at the 1.28-level which was support in the beginning of October. Will it turn into resistance?

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