Thursday, August 15, 2013

And There It Is...

...the break of that tight range most indices where trading in for the last few weeks.

Major indices opened the session with a big gap down, only to lose even more in the first half hour. The market tried to bounce a couple of times, but none of the attempts were successful. Indices closed near the lows of the day. My guess: looking for more downside tomorrow.

The chart below tells the story (intraday snap on the futures). Indices are down 'big', most metals up big.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
A bad day for equities, but a good day for the euro and oil, both up nicely.
But what about those metals?! Copper 'only' gaining 0.5%, but gold is up over 2% and silver even 5%!

Last but not least, a blogpost from Josh Brown (The Reformed Broker): That's what's up

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