Friday, March 8, 2013

NFP: More New Highs

The job numbers (Non-Farm Payroll) brought a pre-market spike up, followed by a sell-off once the regular session opened. So from a gap up, the market pulled back to breakeven, only to start moving back up gradually and ending close to the morning highs.

All in all, the market did well this week, with the S&P500 gaining about 2%. Indices are making new highs, compared with the levels from two weeks ago. Nasdaq is the only major index not breaking the September '12 levels, all others already did more than a month ago. How much more upside is there left for this market, with the current rally being almost 4 months old?

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Wow, a big drop for the euro, right back to 1.30 and close to the lows of the last couple of days!
Oil did better, moving higher again. It's finally bouncing a bit these week.
Metals didn't move much, only silver gained about 0.4%, that's all.

Have a great weekend!

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