Monday, March 25, 2013

Cyprus, The Saga Continues

After the euphoria about Cyprus in pre-market, the downfall came right after the open of the session. Indices lost about 1% and started bouncing early in the afternoon. The losses were limited at the close, but this action is not convincing for the bulls, nor for the bears. We're trading in no man's land since the last 7-8 sessions and especially for Nasdaq, a break higher or lower should be imminent.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
After going up in the morning, the euro started reversing near the open of the session and it actually lost 1%. Pretty ugly candle for the euro today and a new lowest close since November last year.

On the opposite side, oil was a big winner going up almost 1%. But it was up about 2% earlier in the day, so not a good close at all.

Metals were mixed again, copper and gold were down while silver gained little.

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