Tuesday, August 20, 2013

There's The Bounce

Indices bounced nicely today. The Dow didn't gain much, but the S&P500 and tech went up about 0.5% and small caps even ripped 1.4% higher! But will this be a dead cat bounce, resulting in the market going down again?

Everybody is waiting for the FOMC-minutes tomorrow. If tapering is mentioned (depending on the context of course), this market could soon fall further in the days/weeks to come.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro finally broke through 1.34, looking bullish. Metals were mixed with copper breakeven, gold slightly up and silver down some.

Oil had a bizarre kind of a day. This morning, it found support just above 105, after being down about 1.5%. A big bounce back to breakeven followed. But it took only one hour in the afternoon, to fall to new lows for the day and to close with a loss of 1.5% (after being down over 2%). Volatile session...

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