Thursday, December 27, 2012

News-driven Market

Consumer confidence number came in well below expectations. Maybe that was the reason indices dropped big (1%) in the morning. Of course there also was some fiscal cliff news that could have been the reason of the losses.

But early in the afternoon news came that the House will reconvene on Sunday, which made indices rocket back towards breakeven levels. A big move in little time. I wouldn't be surprised if we open a lot lower tomorrow (it's a rollercoaster market these days...)

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Not much happening for the euro and oil, both up little. Metals didn't do much better, another (small) move higher while indices were getting hit by sellers early on. Silver outperformed, up +0.7%.

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