We end the month almost where we started it, after a big V-shape move. So with all negative news out of Europe, fiscal cliff and so on, the market is still very resilient, not ready to go belly up. Of course there's also the news that the American economy is still acting strong and unemployment is not so bad (definitely not compared with recent numbers out of Europe).
With December right around the corner, let's see what Santa brings. An end of year Santa rally? Boom or bust? We need to see a higher high before we can speak of a genuine rally, but the Nasdaq-chart is starting to look good imho.
5m-chart SPY:
Daily charts DIA, SPY, QQQ and IWM:
Euro, oil, metals
Wow, big down day for silver (-2.3%). Gold also down, but copper up quite big.
Oil also went higher (+0.9%) in an overall choppy market.
The euro finished right on the 1.30-level.
Have a great weekend!
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