Wednesday, November 7, 2012


With the elections now digested, the focus seems to be back on the fundamentals. And apparently, they're not that great. Indices lost dramatically today, they printed the biggest intraday losses in months (all major indices down over 2%). The market bounced just before lunch but couldn't hold the regained points.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
As good as yesterday was, so bad did today look. The euro didn't lose as much as indices, neither did silver. Gold even went green in the afternoon. But oil was down over 5% at one point. And copper lost 1.6%.

The move in oil is the most eye-catching. After been up about 4% yesterday, it lost all gains and more today!

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