Monday, December 31, 2012

Huge Reversal

First of all, forgive me for keeping the post so short, but I'm already celebrating year end festivities. Living in Belgium means we're less than 120 minutes away from a new year. No new years resolutions, I'll leave that to others, I'm just gonna try and do the best I can in 2013, just like previous years.

Now for today, indices have put down huge reversal candles, and on big volume too. This looks like another short-term bottom. I wouldn't feel happy being short at this point. Today feels like another huge turning point and the the first step towards a new rally.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Metals and oil had a good day, not as good as indices, but still... all up above 1%.

The euro however is still stuck to the 1.32-level. This looks like a bullish flag so far, but a close under 1.317 and this could just as well been the top.

The best wishes for a healthy and prosper 2013! May the best of 2012 be the worst for the coming year!

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