Thursday, October 3, 2013

Bears Still Not Done

Although the Dow and S&P500 already lost quite some ground the last two weeks, the bottom is still not in. Or tomorrow (NFP, by the way...) should give bulls a boost. This time, tech and small caps were leading to the downside with bigger losses than the other major indices. But if we see a bottom here in the Dow and S&P, than Nasdaq and the Russell could be back to new highs in no time.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro together with gold and silver, made minor gains. Copper was a big loser, down 1.4%.
Oil also lost about 1% but this is considered still a normal pullback after yesterday's big gains.

Tomorrow is the first Friday of the month, meaning NFP (nonfarm payroll). Watch out for lots of volatility!

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