Friday, July 12, 2013

Morning Madness

Thursday morning looked like this after Bernanke's speech from last night:

A remarkable move higher for most major indices, metals and oil. The latter did however turn lower later in the day, a pullback which was more than welcome. But most indices gained big, especially tech (Nasdaq +2%). Is this a typical case of sell the news? After the recent move we've seen, it looks almost impossible that there is much more upside left. A pullback or at least some consolidation is more than needed imho.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Everything moved along with indices, except oil. The euro jumped to 1.32 and finished on 1.31 for a big gain. Metals went berserk; copper and gold gained more than 2.5%, silver rallied about 5%!
But oil finally pulled back. It went to $107.5 before it dropped big, to finish near $104.5.

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