Friday, May 31, 2013

Out Of The Range

No blogpost yesterday because I went to see Toto in Brussels. And they were awesome!

The market remains rangebound since that big drop seven trading days ago. Until indices break that range to the upside or downside, we remain in no man's land. While the Dow and S&P500 actually did break lower into the close today (only just), tech and small caps still look strong with the possibility to revisit recent highs.

The Dow and S&P made slightly lower lows (compared to last week) into the close. Monday could just as well be a big gap down as a higher opening to fool the bears once more.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
After breaking the 1.30-level yesterday, the euro travelled back under it, but ended the day almost spot on that 1.30-mark.

Oil had a bad day losing 2%. Metals didn't do better. Only copper did with a loss of 1.2%. But gold was down 2% and silver 2.4%.

Have a great weekend!

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