Monday, December 9, 2013

Narrow Range

Today was another day with a very tight range between the high and low. We've seen more of those lately, not necessarily a bad sign, but rather pointing to consolidation. With indices close to or at new highs, the momentum still favors the bulls. And with December being a good month for stocks, a Santa Clause rally looks very likely at this point.

5m-chart SPY:

Daily chart DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro managed to go higher for a third day in a row, but is now getting close to the 1.38 resistance.
Oil pulled back a little bit, but is basically going sideways for the last three days.
Metals acted well today. Copper was up 0.6%, gold gained 1% and silver rallied over 2%.

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