Tuesday, January 29, 2013


The Dow and S&P500 made more (not that special but) good gains, while tech and especially small caps underperformed. The latter is quite interesting to notice, since small caps were always leading this rally, but they are underperforming today. Is that a first clue, or is it just a silly coincidence? Anyhow, at these overbought levels, this might be worrisome to the bulls.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro went to new highs and up to the 1.35-level.
Oil also made new highs and broke 97.
Metals finally bounced, especially silver did well, +1.6%.

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