Tuesday, May 7, 2013

More New Highs

Major indices made new highs today. Tech was performing weak today, but that's no big surprise after the recent gains they have seen. Some consolidating would actually do them good.

The market keeps printing new highs, and no news is still good news in this market. And until that changes, the bulls have the advantage. No need to become a bear just yet. But remember what they say about selling in May. The month is only one week old, anything can happen. So if your sitting on good gains, protect them. No need to sell right away. Covered calls and/or buying puts are a good way to protect your portfolio.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro was trading breakeven, but oil and metals all lost ground today. Especially gold, which was down 1.2%.

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