Monday, December 17, 2012

Nice Bounce

Indices bounced well today, ending strong. Once more, it seems the dip is being bought. The bulls are getting back in and the indices are trading close to recent highs. So far, the daily charts still look bullish imho.

We had a great run the last four weeks. But how much higher can we go, that's the question. Will Europe, the fiscal cliff or whatever news fact bring us back down, or will the Santa Clause rally continue from here on?

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is held back by the 1.32-level, but still trading breakeven.
Copper fell a little bit, while silver and gold where up slightly.
Meanwhile, oil had a great day, gaining about 0.75%.

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