Wednesday, July 24, 2013

Going... Down

It's been quite some time since indices pulled back. The action in the Dow and S&P500 isn't that worrisome, and tech even climbed after the great earnings report from AAPL (up well over 5%). But the price drop in small caps is telling. A big red candle today and losing much more than other major indices. Is this (finally) the beginning of a pullback?

5m-charts SPY:


Euro, oil, metals
The euro was down little to 1.32, might pull back some more, but still looking bullish short-term.
Oil had a big pullback, down almost 2%. Same goes for metals, copper was down only 0.4%. But gold and silver fell 1.6%.

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