Friday, November 23, 2012

Short Trading Day

It was a short trading day (close at 1 PM) and everything reminded of 'holiday trading'. Low volume, indices up strong on no news, bullish views...

Indices started the session with a gap up and a nice rally following that gap. After a two hour consolidation, the market rallied again to close strong. Indices were up 1.2-1.5%.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
A strong euro today, breaking well above the 1.29-level and already aiming for 1.30 it seems. I expect 1.30-1.315 to hold for a while, acting as resistance.

Metals did good, with silver leading (+2.2%), followed by gold (+1.3%) and copper (+0.9%).

Oil had a nice morning run from the low 87's to 88.50, but then it dropped back around 88.

Have a great weekend!

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