Monday, January 13, 2014

Breaking Down Outside The Range

Indices finally made a break out of the range of the previous two weeks. Are we finally getting that pullback everybody is waiting for? And will it be another buy-the-dip opportunity, or will 2014 be different? Too soon to tell, but be careful with long positions. No matter if this is only a pullback or a correction, hedging longs won't hurt you.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro didn't move much, but looks to be setting up for higher prices.
Oil pulled back over 1% and is back near the Thursday low. Watch out for a break lower of this level!
Metals did well, contrary to indices. Copper was up only little, but gold gained 0.5% and silver went 1.3% higher.

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