Thursday, February 13, 2014

Buying The Morning Dip, New Highs For The Week

After some pre-market weakness, buyers stepped up and the dip was bought again. After a strong run higher during the session (a run which lasted until halfway the afternoon), indices were at new highs for the week. The market closed strong and this time small caps were outperforming the other major indices (by far). Looks like the rally continues, very strong action today.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro rallied back above 1.36, almost touching 1.37.
Oil really likes this $100-level.
Metals: while copper lost some ground, gold and silver did really well.

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