Thursday, June 6, 2013


A perfect bounce for the major indices after the gap from the beginning of May got filled. That happened near lunch time. In the afternoon, indices continuously kept rising. It was bound to happen, with the market in hugely oversold territory. Tomorrow brings NFP-numbers and could be meaningful. Another upday and all is fine again, but breaking the lows of today could mean big losses or even a crash.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Wow! Great rip higher for the euro today, gaining over one percent and hitting 1.33. This is the highest level in 3 months for the euro. Next resistance is 1.36-1.37, but we'll probably see a pullback in the coming days after this +400-pips rally from the last 7 trading days.
Oil also had a great day, up another 1%.
Metals, as usual, were mixed. Copper lost 1.3%, gold was up 0.8% and silver gained 0.6%.

No comments:

Post a Comment