Tuesday, June 11, 2013

Big Gap Down, Weak Close

After a big gap down for the major indices (about 1%), some early morning weakness followed. But 10 minutes after the open, the bounce came. The market traded all the way up back towards yesterday's closing price and then started to diminish again.

At first it seemed the indices were making giant intraday bull flags, but after lunch, price came tumbling down for an hour, only to bounce back higher. Just when it seemed price would go for another push higher, price dropped back to the afternoon lows (and just above the low of the day). That happened in the last half hour of the session, so a weak close...

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is back at 1.33 and trying to hold above. Still bullish so far.
Oil pulled back big intraday, but closed not that much under Monday's low. Nice bounce on 94!
Metals all went under, with copper being the biggest loser (-1.3%), followed by silver (-1.1%) and then gold (-0.5%).

No comments:

Post a Comment