Wednesday, June 19, 2013

Bernanke Did It Again

Today was FOMC-meeting and minutes. More talking of 'tapering' brought indices down. Until the release of the minutes, the market went nowhere and traded in a very narrow range. But as soon as the clock hit 2 PM, tickers started flying up and down in a chaotic way. The eventual direction was down, all the way to the close.

Indices lost more than 1% today and volumes were pretty high. Still, without a follow-through move tomorrow, this could still work out as a pullback before new highs are made. That being said, today printed lots of bearish engulfing candles on the daily charts, a bearish candlestick-pattern.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro was one of the big losers, down 0.8%. Oil and metals joined the bear-party as well, with gold and silver losing the most, 1.3-1.4%.

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