Thursday, January 9, 2014

No Conviction - Waiting For NFP

Indices first tumbled fast at the open, but then recovered after retesting previous lows. With a close not far from breakeven for most major indices, it's waiting for the NFP-numbers tomorrow. The most important report of the month. Will it finally get us out of this range? My guess is: YES! In what direction will it take us? I don't know! ;-)

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is still moving sideways near the 1.36-level.
Oil had another downday, but bounced well of the lows. Near breakeven after the pit close, this looks like a tradable hammer.
A bad day for copper, losing 1.2%. Gold and silver both closed a little bit higher.

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