Tuesday, January 22, 2013


Today was a good trend day up for indices. The gains weren't enormous, but another solid day confirms last Thursday's break higher.

So the rally continues while we are slowly moving back towards overbought territory. The percentage of stocks that are trading above their 50-day and 200-day moving averages is getting extreme. I'm getting the feeling that a short-term top isn't far off, let's say 2-3 weeks. I'm not saying a big sell-off is coming, but at least a (first) pullback.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
While the euro traded breakeven, oil and metals all went higher, along with indices. Especially silver did well.

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