New Lows, But A Good Bounce

The market opened breakeven, but soon went down to new lows. After lunch time, the market reversed to close almost breakeven or even with small gains for most major indices. Tech however was lagging big, Nasdaq was down 0.9%, about the loss that AAPL took today.

After 3 days of bleeding, the market seems ready for a bounce. But don't expect too much of it. This weeks losses could very well be just the beginning of a correction.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro and oil both made more big losses for a third consecutive day.
Not surprisingly, metals bounced after yesterday's disaster. Gold and copper gained over 1%, silver was up 2%.


Have a great weekend!