Monday, August 26, 2013

And There We Go...

The major indices made higher highs in the morning. But in the afternoon, they started making lower highs and lower lows. And then it happened. The market dropped over 0.5% in 15 minutes on remarks from Kerry regarding Syria. This could very well be the first sign of small panic-selling. More of this tomorrow and we'll soon be making lower lows.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is still trading right under that 1.34-level. Oil is also moving little, just over $106 now.
Metals: copper was down about 0.8%, but gold rose 0.5% and silver gained over 1%. Metals are still doing well, and with selling starting to creep into the indices, I don't see them weakening. Although silver is definitely overbought at these levels.

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