Thursday, January 2, 2014

Bad Start Of The Year For Indices

First of all: Happy New Year and best wishes to all of you and your loved ones!!

Back to business...
Stocks didn't do well on this first trading day of the new year. Indices dropped up to 1% (small caps => the big loser). In the end, a healthy pullback wouldn't be so bad. Indices were overbought and needed some consolidation/rest. An interesting start of the year. Will the dip be bought again, or are we finally gonna get a correction?

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro made quite a big move lower (-0.6%), now at 1.366. Oil did even worse, dropping almost 3%!
Copper was slightly red, but gold and silver did well. Gold was up over 1.5%, silver rallied about 3%.

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