What a day! The market was waiting for the Fed/FOMC-decision that was made public at 2PM. Yes, there is tapering, but 'only' $10 billion. The market took that as a very positive sign and after first making new lows for the day, indices started rallying like crazy. For example; the S&P500 gained about 45 points of the low, that's rare these days (>2% move). Most major indices are now at or near year highs, so looks like we're getting that Santa rally after all!
5m-chart SPY:
Daily charts DIA, SPY, QQQ and IWM:
Euro, oil, metals
The euro eventually made the same move as the major indices. But 30-45 minutes after the Fed decision, indices started to break higher while the euro reversed. It dropped about 0.5% by the close.
Same goes for metals, they moved along with the euro (or vice versa). After nice gains, they gave them all back and dropped about 0.5%-0.9% for silver and gold. Copper was just under breakeven.
Oil gained 0.5% to end near $98.
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