Thursday, October 10, 2013

One Day Doesn't Make A Rally...

... and when indices jump 2-2.4% higher, be careful! This is not necessarily the beginning of a new rally. But rather a big bounce before the chopping around begins. I wouldn't be surprised if we retest recent lows in the next week or so.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro didn't move much, but oil was up almost 1.5%, bouncing big from the 101 support level.
Metals were mixed with copper up 0.5%, gold down 1.4% and silver losing 0.9%.

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