Wednesday, May 8, 2013

More Gains, Small Caps Not Convincing

Major indices printed new highs, but the lagging action in small caps was not convincing. The Russell2000-index has been leading the rally for most of the time since November of last year. Today small caps lagged for most of the day, but a small sprint in the last minutes of the session got them up, close to the other indices.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro had a good day, trading back to 1.315. And oil did good as well, up 1%.
Metals were mixed, while silver stagnated, copper and gold went up 1.5% or more.

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