Friday, October 18, 2013

Not Much Love For Blue Caps

While the S&P500 and small caps made nice gains, tech went nuts with a 1.5% rally, mainly thanks to great Google-earnings (up 13-14%). The Dow on the other hand, barely traded in the green and is hugely underperforming the other major indices.

A good week for the market. After the hammers on the weekly charts last week, we see great follow-through with fresh new highs for most indices. Looking bullish! The end of the shutdown and raising the debt ceiling did help a lot of course.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro made higher highs to touch 1.37 but ended about breakeven.
Oil bounced a little bit, but has a very bearish look on the daily chart.
Copper was down little and consolidation for gold and silver, closing not far from breakeven.

Have a great weekend!

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