Thursday, January 3, 2013

Fed Minutes Putting A Hold On The Rally

Indices managed to gain a bit more in the morning, but after two days of huge gains, something had to give. The trigger was the Fed minutes. Fed ending bond buying in 2013 started some selling for 10 minutes. Then price started to stabilize again.

New intraday lows were made in the last hour of the session, but the daily chart shows nothing more (or less) than healthy consolidation. This is just a very small pullback compared to the two day rally we've seen.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
While indices barely went any lower, the euro as well as metals lost about 1% or more (silver even 2.5%). Oil was down together with indices, 0.5%.

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