Today was the first trading day of the month and we took a bad start. As it's working out now, last Friday might be a fake breakout for the Dow and S&P500. And small caps also saw a big reversal, being the biggest loser among the major indices. If we want to see a Santa Claus rally, there's still a lot of work to do!
But in the bigger picture, today is only a minor downday (except for small caps maybe). So far, no harm done and we could still see new highs by year end (heck, maybe even this week).
5m-chart SPY:
Daily charts DIA, SPY, QQQ and IWM:
Euro, oil, metals
The euro pulled back some and trades near 1.355 now.
Oil went up over 1%, back in the range where it was most of November...
Metals had a very bad day. Copper was down only 0.3%, but gold lost 2.5% and silver even more than 4%!
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