Tuesday, May 21, 2013

Sloppy Action

Today looked kind of similar to yesterday with gains and new highs in the morning, but another pullback in the afternoon. The major indices made small gains, but bulls seem to get tired at this point. A pullback would be healthy, but you never know when you will get one. And what's more, if you should buy the dip!

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is still trading near that 1.29-level. Oil on the other hand pulled back 1% to 96.
Metals had a great day yesterday, but all had a big pullback today. Gold lost 1.7%, silver 2.9%.

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