Yikes! Very ugly, bearish action after the NFP-report today. First reaction was higher, but soon the reversal came. The Dow and S&P500 lost 'only' about 1%, but tech and small caps (both were already lagging the former the last couple of weeks) got slaughtered today. Nasdaq and Russell losing 2%-2.5%, oops...
Today's action is about the worst we've seen this year. Nonetheless, the moves in the Dow and S&P aren't that bad, it's the losses in tech and small caps that got me worried and are worth paying attention to.
5m-chart SPY:
Daily charts DIA, SPY, QQQ and IWM:
Euro, oil, metals
The euro is hanging on to the 1.37-level for dear life.
Oil is back in business with more gains and it's price nicely above $100 once more.
Not much movement in copper, but silver and especially gold were making nice gains.
Have a great weekend!
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