Wednesday, March 19, 2014

More Tapering


At 2PM, Yellen speeched and the message was this: more tapering. On that bombshell, the market took a nosedive and currencies fell even harder. After a second leg lower, with 45 minutes left in the session, indices bounced good to end half way into today's trading range.

What I'll be looking for tomorrow: or a bounce. Or lower lows and all hell will break loose.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Currencies took a nosedive on the tapering news (except the USD of course). The euro was down 0.75%, still better than the Aussie and yen, both down 1%.
Oil made slight progress near $99.
As is common lately, copper traded in the opposite direction of gold and silver. Copper was up 0.8%, while gold lost almost 2% and silver was close to 1% lower.

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