Wednesday, January 16, 2013

Looking For A Break Higher?

Indices are mostly trading sideways the last few days and they seem to be setting up for a break higher. Tech made a dip with AAPL tanking 2 days in a row, but the stock is now up 4.5%, making Nasdaq an outperformer today.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is pulling back a little bit, sitting at last week highs just under 1.33.
Oil was lagging yesterday, but was outperforming this session, up almost 1%.
Metals were a mixed bag: copper down over 0.6%, gold up little, silver +0.3%.

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