Monday, September 16, 2013

Summer(s) Gone

Larry Summers has withdrawn to become the next chairman of the Federal Reserve. That happened yesterday (Sunday). On that news, stocks gapped higher, and so did precious metals, the euro... Oil on the other hand, gapped down. Indices did well overnight. But as soon as today's session started, they started pulling back. About half the gains or more were lost.

In the mean time, tech had a rough day thanks to AAPL which lost well over 3%. While other major indices were still nicely green, tech was printing red numbers.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro jumped big as well on Sunday evening, but just like indices, it pulled back a lot, closing in on Friday's closing price.
Oil actually gapped down about 1% and lost some more during the session, closing with a 1.8% loss.
Metals gapped higher, together with the indices. But except for copper, they all ended in the red and not that far from Friday's closing prices.

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