Wednesday, April 10, 2013

Great Gains And Tech Also Breaking Out To New Highs

Indices made good progress today with more fresh new highs for the Dow and S&P500. Nasdaq and Russell2000 did even better than those other 2 major indices, both up almost 2%. The difference between them; tech finally made new highs, but small caps didn't.

No need to start shorting this market at this point. We're only just seeing fresh new highs after a (small) pullback. Another dip has been bought and the top could be another couple percentage points higher.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro pulled back a little bit while oil made a small move higher.
Metals all lost quite some ground. Copper was down 0.7%, silver lost 1.2% and gold even 1.7%.

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