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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