Friday, January 3, 2014

Nice Intraday Bounce - Not So Nice Close

Indices bounced well in the afternoon. But in the last hour, everything came back down towards the low of the day. Tech was lagging and actually lost some ground while other major indices ended not far from breakeven (good gains for small caps). Seems like the first dip of the year was bought but than sold again. Was this a beartrap? Let's find out next week.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
More downside for the euro, now dropping under 1.36.
Oil also pulled back some more, near $94 now. A 6% loss in only 4 trading days.
Copper pulled back almost 1%, but silver and gold had some nice follow-through higher. Gold gained over 1%, silver a bit less.

Have a great weekend!

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