The market had a awesome week with a big gap up on Wednesday. All that thanks to the 'fiscal cliff deal'. A great start to the year and a big gap to fill. But we are getting in overbought territory. No need to try and play catch up at this point. Better is to get in on a pullback.
5m-chart SPY:
Daily charts DIA, SPY, QQQ and IWM:
Euro, oil, metals
The euro dropped overnight but found support on 1.30. It bounced well and traded back in the green in the afternoon, coming close to 1.31 again.
Metals dropped big overnight, but managed to make back much of the losses. Gold and copper were still red, but silver went back to breakeven and then green.
Oil also dropped at first, but then came back to just above breakeven.
Have a great weekend!
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