Tuesday, October 22, 2013

New Highs And Rotation

Major indices made new highs today. Even blue caps finally went higher. In fact, the Dow and S&P500 were leading today's rally, not tech or small caps. On a good day, you want to see tech leading. So this could just as well be a short-term top. We're getting overbought after 2 weeks of running higher. Nice gains in a short time span.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro made a big move over 1.37, now sitting on the high of the year and almost at 1.38. The dollar is getting slaughtered...
Oil dropped another 1.4%. We're starting to come near a zone of support, anywhere between 96-98 for a short-term bounce.
Metals had a great day. Copper was up 1%, gold gained 1.9% and silver was the winner with 2.2% profits.

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