Wednesday, April 30, 2014

More Tapering

The most important news of the day was that the Fed will taper some $10 billion more to $45 billion. Of course on that news, wild swings up and down followed, only to put us slightly in the green at the end of the day. The only 'bigger' advance was for small caps, outperforming the other major indices.

5m-chart SPY:

Euro, oil, metals
Today the euro made a new 3-week low. But it closed the day on the high of the week, which looks like very bullish action. Oil on the other hand lost almost 1.5% and is now sitting right under $100.
Metals all lost with gold only down little, but copper and silver losing 1.5% or more.

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