Monday, September 30, 2013

Another Big Gap Down

All of a sudden, markets are focused on a possible government shutdown because Republicans and Democrats can't agree. Italian politics didn't help either.

Major indices dropped big at the open, but all in all, losses aren't that bad. There's definitely no panic-selling. Maybe if tomorrow brings some positive news, we might have had a short-term bottom today. There are several red and green hammers along the board, not that this is a guarantee for higher prices on Tuesday. But there is a good chance we bounce at these levels.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Oil and metals... None of them performed well today. Only the euro did good. But oil bounced of the lows and looks like it finally made a short-term bottom.

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