Tuesday, October 1, 2013

What Shutdown?

Indices bounced a bit today, although there isn't much conviction in the Dow and S&P500. Not compared to tech and small caps which are making new highs or seem close to breaking higher. Apparently the market has already priced in a government shutdown or simply doesn't care.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro tried to break higher, but couldn't hold and is still trading right above 1.35.
Oil revisited yesterday's lows and bounced again. Two consecutive hammers.
Metals had a bad day and gold and silver are making new lows for the last few weeks. Copper was down well over 1%, gold almost 3% and silver almost 2.5%.

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