Friday, July 12, 2013

Eventless Day

Not much happening today. Indices made higher highs, but only just. We are getting more and more in overbought territory. Everybody is expecting a pullback, so we probably stay here for a while before that actually happens. In the meantime, tech and small caps are leading the way. Just like the bulls want it to be!

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro traded sideways with most of the market. But oil bounced back towards $106. A +1% gain.
Metals pulled back a bit. Gold was near breakeven, copper was down 0.5% and silver lost 1.4%.

Have a great weekend!

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