Thursday, September 12, 2013

Consolidation Or A Short-Term Top?

Indices didn't move much today, except for small caps which lost 0.5% while most other major indices were only mildly down. The market saw a nice rally the last couple of days, but some rest/consolidation was necessary and a pullback is always a possibility. Time to unload some long positions or start to hedge them.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is consolidating at 1.33. Big resistance right up is just above 1.34.
Oil was the winner of the day, up 1% while almost everything else was going down or sideways.
Metals lost big today. Copper -1.5%, gold -3%, silver -5.5%... ouch!

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