Thursday, December 20, 2012

Metals Taking Another Hit

Not much happening today, this is just plain and simple sideways action, good consolidation so far. If today's lows can hold the next few days, we could see new highs in the next week or so.

A whole different story for metals, they're selling fast and furious. Silver lost over 3.5% on top of the recent losses. Gold, copper, platinum, they are all getting hit hard. Looks like a short-term bottom is in.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Ouch! Another bad day for metals, all down a minimum of 1%. Silver hitting the jackpot with a loss of almost 4%!

The euro and oil didn't change much at the close, both still trading near breakeven.

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