Wednesday, December 4, 2013

Nice Bounce, Traders Buying The Intraday Dip

Indices made lower lows, but bounced well of the low of the day. A nice rally in the last 2 hours got the market back near or over the breakeven point. Especially tech was strong, and not only today. In the last three days, tech barely pulled back, compared with the market. Nasdaq is down just over half a percent in this period, while the Dow almost lost 2% since the high a couple of days ago.

A close above today's high later this week and bulls are happy again. A close below today's low doesn't mean anything without high volume/big moves lower, but it's still a possibility.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is still consolidating under 1.36. Seems ready to go higher.
Oil had another good day, +1%. That's three in a row! +4.5% in 3 days, time to take profits or hedge if you're long.
Metals bounced big today, and about time too. Copper and gold both gained 1.7%, silver shot over 3.5% higher!

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