Monday, September 9, 2013

The Sky Is The Limit

After the big bounce on Friday, indices had great follow-through and closed near the high of day again. Small caps were leading today. But it is tech that is the only major index making new highs for the year. Will other indices catch up, or can this divergence 'survive' longer term? Tech seems unstoppable.

Still, AAPL, the biggest stock in the index, is trading more than 25% under it's high of the year. If AAPL would get back towards those highs, Nasdaq would be running more and more ahead of other indices. But I don't think that will happen anytime soon. AAPL is not a leading stock at this stage. Better to focus on other stocks near or at 52-week highs!

5m-charts SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro had nice follow-through after Friday's bounce. Up 0.6% and now trading right above 1.325.
Oil pulled back towards $109 for a loss of almost 1.5%.
Metals were mixed. While copper gained more than 0.5%, gold traded near breakeven and silver lost over 0.5%.

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