Wednesday, October 30, 2013

FOMC Volatility

With FOMC meeting today, there was lots of volatility. Some major indices made higher highs and lower lows. But with a close in the middle of the candle, there's still a lot of uncertainty.

Not sure where we are heading tomorrow, but a short-term top seems close by. We went up really fast in a short period of time. The market needs at least some sideways action - take a breather. In the mean time, small caps were lagging big compared with the other major indices.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro closed almost breakeven, but oil fell back about 1.5%!
Metals were mixed with gold near breakeven and copper up 1%, silver gaining 0.8%.

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