Tuesday, June 25, 2013

Higher Highs After A Good Gap Up

After a big gap up, indices went back towards yesterday's closing levels and then shot up again. In the afternoon, the market made higher highs. It wasn't much more though than a small penetration of the morning highs. Still, gains of 0.7% to 1% for the major indices isn't bad. But so far this looks like a dead cat bounce and nothing more. Bulls have their work cut out.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is still hovering around 1.31. Oil didn't move much either, sitting just above 95 now.
Metals were mixed. Small losses for gold and silver. Copper gained a nice 1.2%.

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