Tuesday, January 15, 2013

Buying Morning Weakness

Dow, S&P500 and small caps made new highs today. But tech is still lagging at this point. All thanks to AAPL, losing another +3% and now down about 12-13% since it's opening trade of this year.

So things are still looking bullish for the major indices, bulls are definitely in favor right now. But the market started off the session weak with a decent gap lower.  However, the gap was bought and with bullish engulfing candles on the daily charts for most major indices, the tone looks set for higher prices.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro and oil were the losers of the day, both down over 0.5%.
Metals did better: copper up only just, but gold and silver doing very well.

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