Wednesday, January 23, 2013

New Highs For Most Major Indices

The Dow made new highs and tech is finally breaking higher, thanks to good GOOG-earnings and AAPL following the move/anticipating AAPL-earnings. The S&P however is lagging and small caps were even going lower (but still consolidating nicely). The question: are we seeing rotation towards big caps, and/or could this be (the beginning of) the end of this rally?

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is still moving sideways near the 1.33-level.
Metals were a mixed bag with copper and gold down and silver up.
But the bigger move was in oil. Down over 1% and it was losing 1.5% intraday. Looks like a short-term top is near.

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