Wednesday, February 13, 2013

Morning Strength, Followed By A Pullback

Indices started the session strong with new highs. But the second hour of the session, they all started pulling back. So far, no harm done with indices closing near breakeven (there was a small bounce into the close). We could still see more upside tomorrow.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Most of them made the same move, together with indices. Slightly higher highs in the morning/pre-market trading, followed by a pullback later in the session. The euro and copper ended just under breakeven, there were slightly bigger losses for oil and gold. Silver lost 1%.

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