Friday, April 5, 2013

Small Bounces

Small bounces in indices, with tech lagging and small caps bouncing harder (but they got hit harder the last few days). Not much to say about where we're heading next, up or down. We are close to a turning point where the market will no longer advance on no news or bad news. It needs good news for further gains or a (short-term) top is near.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro made good gains today, winning about 100 pips.
Oil had another bad day, but it bounced in the afternoon to regain some of the losses. Still down about 1%.
Metals were near breakeven, copper even nice in the green. Finally some relief after a coupe of bearish days.

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