Thursday, July 25, 2013


Indices went red in pre-market, but recovered a little bit before the opening of the session (with tech even green). After testing the opening lows, the market stepped higher to close green. Especially tech and small caps performed well. The Russell gained almost 1%, but the Dow and S&P500 lagged big. Pretty much the picture we've seen most of the year. So was today another BTFD-moment (Buy The F@*#ing Dip)?

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
A good push higher from the euro brings it to new highs and close to 1.33. Target is still 1.34 (June highs).
Oil went to make a lower low in the morning, but bounced hard on $104. It's now closing in on $106, creating a big green hammer on the daily charts. I wouldn't want to be short oil at this point.
Metals: more green here, with copper and silver up small and gold leading with 0.9% gains.

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