Wednesday, February 12, 2014

What, No 1% Gains Today?!

Indices got some rest, after 3-4% gains in the last 5 trading sessions. So not another 1% gain, but some consolidation or who knows, maybe a short-term top. We're getting overbought, from oversold only one week ago. Too much, too fast. But that didn't stop Mr Market in the recent past... (remember 2013?)

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro pulled back to 1.36, needs to hold 1.35-ish.
Oil is still pinned near this 100-level.
Metals: while copper ripped over 1% higher, gold and silver closed nearly breakeven.

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