Friday, December 21, 2012

Merry Cliffmas (*)

Wow, what a big move lower yesterday after hours. The S&P500 dropped 3% in half an hour but bounced back to regain almost half of the losses. Reason; 'Plan B' (regarding the fiscal cliff) isn't getting enough support and traders are worried there won't be a solution before the end of this year.

The daily charts show that there are a lot of buyers on this dip. Let's wait for next week to find out if they are right or not!

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
While metals finally got a bit of love and bounced, oil followed the indices lower.
The euro is finally pulling back, after the great run it had the last two weeks.

Have a great weekend!

(*) I got that one from Dan Dicker!

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