Saturday, January 19, 2013


The market opened with a gap down and nearly revisited Thursday's lows (Tech was lagging and even went much lower). But at noon, buyers stepped in to drive price higher, back to the opening level. Another small rally in the last hour of the session and we were back at the highs of the previous day.

Except for Nasdaq, the indices had a good week. After moving sideways for the first days of the week, we saw a nice break higher on Thursday. Let's see if this rally can continue next week, but so far everything looks bullish.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Not much movement in metals: gold down a bit, silver and copper up a bit.
Oil went sideways, bullish price action after the breakout over the 94-level.
The euro gave back most of Thursday's gains, back just above 1.33.

Have a great weekend! And remember, the market is closed on Monday for Martin Luther King Day.
I will be back on Tuesday.

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