Tuesday, February 5, 2013

Your Guess Is As Good As Mine

What will it be now?! Last Thursday, the market/indices seemed ready for a pullback. On Friday we see new highs. Then yesterday, we're back at the lows from Thursday and everybody is screaming 'correction'. Today we're back near the highs of last week and everything looks bullish again.

With these volatile swings in mind, my first guess is still that we're near (or at) a top. But I'm not putting my money on that bet. Better is to wait for more clear signals and confirmation.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The bounce in the euro and oil isn't as spectacular as the bounce in indices was today. Both were up about 0.5%, but still need a long way to go.
Metals didn't move much today, all near breakeven or up only little.

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