Friday, February 14, 2014

What A Week!

Indices had another good day, especially the Dow and S&P500. Tech and small caps barely made any gains today. Nonetheless, there were new highs for Nasdaq. It was a great week for the market, with decent gains for all major indices.

The weekly charts look great and confirm the action on the daily charts. Last week on the weekly was a big hammer with volume and this week a big green bar closing at the highs. Looks like there is more upside and new highs to come except maybe for small caps. Are they trying to tell us something or will they play catchup?

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro ended the week at 1.37.
Oil is still going sideways just above $100.
Metals did well with copper in the green, gold gaining more than 1% and silver rallying over 4.5%!

Remember, next is a 3-day weekend, the next trading day is Tuesday. Enjoy the long weekend!

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