Wednesday, January 30, 2013

Small Caps Starting To Pull Back

We're finally seeing pullbacks. Mainly the action in the small caps is a red flag. The Russell2000 was leading the rally all the way up, but now seems the first to pullback. Small caps lost over 1% while other indices lost less than 0.5%.

It would be healthy for the market to see a pullback. Something in the range of 2%-4% wouldn't be bad or any reason for panicking. But we are not there yet...

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro and oil both had another good day, gaining about 0.5%.
Metals did even better, gold was up under 1%, but copper and silver gained between 1.5% and 2.2%.

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