Tuesday, July 9, 2013

The Bulls Are Running... In Pamplona

... but also, the stock market is going higher. Indices started the session with another gap up and not that much intraday movement (pullback in the morning, bounce and consolidation). On the daily charts we see another small candle and the gaps are getting smaller. Is it time for a pullback or some sideways consolidation?

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Another bad day for the euro. Now to new lows under 1.28.
Oil is closing in again on the high from Monday, near 104.
Gold and silver went higher, but gave back about half the gains they made at today's highs. Copper dropped more than 1%.

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