Tuesday, September 3, 2013

Gap Up, Sell Off, Small Bounce

Major indices gapped up big, but all pulled back until they reached Friday's closing levels. A bounce followed in the last hour of the session, giving indices some nice gains, but nowhere near the opening levels.

So a rather weak close after a big gap up. Sounds a lot like a 'sell-the-news'-event on the 'Syria-strike-is-postphoned-but-waiting-to-happen'. But what will the reaction be if and when a strike does occur?

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro traded under 1.32, but could bounce anytime now.
Oil bounced great from Sunday night until now (4% of the low).
Metals had a great day. Gold gained 1.3%, copper was up 2.5% and silver even 3.6%!

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