Monday, December 16, 2013

I'm Not Buying (It)

Not yet anyway. I'm talking about the market action today. After a nice gap higher, most indices jumped higher, only to give back most of the gains and end near the lows. Except for small caps that is. They often lagged recently, but today they outperformed.

So except for small caps, this doesn't really seem like a buying opportunity just yet. Any solid action tomorrow, could change all that.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro tried 1.38 again, but this level is still resistance.
Oil bounced back from Friday's drop lower, up nicely and printing a piercing pattern on the daily chart.
Metals did well with copper up 0.5%, gold just above breakeven and silver gaining 1.4%.

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