Thursday, March 28, 2013

A Bull Market = A Dull Market

Smallish gains (about 0.3-0.35%) on the indices but new highs for the Dow and S&P500. That's how these bull markets work. Climbing a wall of worry, giving people lots of doubts, but going higher in a very slow tempo.

Since today's new highs come after a longer period of consolidation, there's no immediate reason to believe we're reversing lower any time soon. This could take a few more weeks before we see a real correction/pullback. I would personally wait for a lower high before putting money on the short side.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro bounced a little bit, back over 1.28 and oil had another good day, gaining over 0.5%.
Metals on the other hand were hit hard. Copper and silver were losing over 1% and gold was down 0.6%.

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