Wednesday, December 11, 2013

Pulling Back

Indices all pulled back, losing between 0.8% and 1.6% with small caps lagging the other indices again. It remains to be seen if this is a normal (and healthy) pullback or the beginning of something else. I don't like to use the word correction. Everybody is calling for one since the beginning of the year, but in the mean time, the only way was up! And the biggest 'correction' we've seen in 2013, was a lousy 6%.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro made another move higher, touching 1.38! We're now right under the October highs/resistance. After a 5-day run higher, it's time for some consolidation or a pullback.
Oil pulled back and actually did the opposite of yesterday. Down 1.1%.
Metals were mixed. Copper went +0.7%, gold and silver pulled back 0.7% and 0.4%. Not surprisingly after the big rip higher from the previous day.

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