Friday, October 11, 2013

Nice Follow-Through

The bulls weren't tired yet from yesterday's big rip higher. So a nice follow-through day was the result. I get the feeling this bounce happened way to fast. Up 60 points in S&P in only 3 days, bottom to top, that's a lot. From oversold to overbought in no time.

And now we have a weekend where politicians could talk about Obamacare, the shutdown, the debt ceiling... Expect another gap on Monday. Guessing in which direction is like buying a lottery ticket.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro tried to bounce but didn't get far. It can't get over 1.36 and is now sitting at 1.3550.
Oil pulled back 2% intraday, but bounced well of the lows. Still down more than 1% and lots of volatility the last 3 days.
Metals again were mixed. Copper was up 0.8% and gold and silver both lost nearly 1.5%.

Have a great weekend!

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