Wednesday, July 10, 2013

Bernanke-Turnaround.. Or Not?

Not much action in the morning. But at 2 PM, all hell broke loose... for half an hour or so. The reason? FOMC-minutes were announced and the first reaction was a big spike higher that was faded after 5 minutes. Half an hour later, we were back at the low of day. After some testing of the low, the market went back up in the last hour of the session.

For the Dow and S&P500, that meant a close near breakeven. Small caps made minor gains, tech was leading today. This market is starting to get overbought and it's probably a good time for a pullback. Indices look tired.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Good move up from the euro, now trading near 1.29 again. But what about oil?! It went up well over 2% and this train seams unstoppable. It's now trading at $106 and gained 10% in 9-10 trading days. Time for a pullback if you ask me...
Metals were mixed with copper and gold up some and silver down small.

No comments:

Post a Comment