Friday, October 4, 2013

Is This The (Short-Term) Bottom?

Indices finally look ready to bounce. But with the shutdown, nothing is for sure. Monday brings several scenarios, depending on a possible vote this weekend. A big gap down or up, or more sideways action... All are possibilities and what makes trading the market so hard these days. We're seeing a market reacting only to politics, nothing economically fundamental about this action.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro pulled back to it's breakout-level, now sitting at 1.355.
Oil is consolidating, building a bullflag over the last two days. A close over $104 would be great news for the bulls.
Metals were mixed. Copper gained nearly 1%, silver was breakeven and gold underwent a 0.5% loss.

Have a nice weekend!

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