Monday, August 5, 2013

Calm Before The Storm?

Very small candles in indices today, this looks like a more explosive move is about to come. But you never know with summer trading. We could get several of these candles with each time slightly higher highs. That would actually surprise me less than a big rip higher.

Tech and small caps managed to make new highs. The S&P and Dow didn't, but the differences are so small that today is practically a non-event.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Not much movement in most of them today, all going lower (with gold and silver being the biggest losers, minus 0.5%). Only oil had a more volatile session (2% between high and low of day), ending down almost 0.5%.

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