Friday, August 9, 2013

The Right Side Or Not?

Although there was some little follow-through from the indices, most notable action came from metals, with gold and silver the big winners of the day. Indices started with a gap up, only to drop big towards yesterday's closing levels and then they went up again. A volatile day, but with rather good action from the bulls. So far, we're only bouncing after a pullback. As long as there is no higher high, bears still will have some hope left that they are finally on the right side of the trade.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro hit 1.34 again, recent resistance and a big level to overcome.
Oil had another bad day, going about 2% lower before it bounced. But a good recovery, ending 'only' about 0.5% down.
Metals all did great with winners between 2% and 3.7% higher (silver the biggest winner).

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