Wednesday, March 20, 2013

And Back Towards Recent Highs

Today looks like good gains were made, but most of the action actually happened in pre-market. The price action during the session looks wild, but looking at the SPY 5m-chart hereunder, the difference between high and low is only 65 cents. That's basically nothing. The afternoon move occured when the FOMC rate decision was announced (and during Bernanke's speech).

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Upside for the euro and oil after yesterday's bigger losses. The euro gained 0.4%, oil was up 1%.
Gold and silver both lost 0.4-0.5% but copper finally bounced, up 1%.

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