Wednesday, May 22, 2013

Big Reversal

Indices blasted higher in the morning, pulled back and tried again... Only to fail. And in the afternoon, everything came 'crashing' down. A huge reversal day on big volume was the result.

It reminds me of mid-April where we saw likewise action. Back then, indices barely dropped the days after and it actually was another 'buy the dip'-moment. Will it be the same now??

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro didn't drop too much, now at 1.285. Oil on the other hand lost 2%. It often drops dramatically when indices are down more than usual.
Copper was up 0.7%, but gold and silver dropped about half a percent.

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