Friday, February 1, 2013

Indices Ramping Higher

Today was the first Friday of the month, so everybody was watching the NFP-numbers. They didn't look that great, but a good bullmarket runs on any news (good and/or bad) or no news at all. And that's what happened today, indices made new highs (except for tech, although it came close).

A great way to end the week and a great start for the year as well. It looks like we just started another leg higher, so not calling for a top just yet. But one wonders, how much higher will/can we go?

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro had another great run higher, hitting 1.37. But then it lost some of the gains and pulled back down to 1.365. Still a nice week for the euro.
Oil ended breakeven but seems to be consolidating under 98.
Metals were doing fine, except for gold (breakeven). Copper and silver both up over 1%.

Have a great weekend!

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