Thursday, June 5, 2014

ECB Cutting Rates

With the European Central Bank cutting interest rates, the market reacted positively and most indices went to new highs. Small caps were clearly leading with a 2% move, but in the bigger picture they are still far from the high of the year. It looks tempting to go long here, but we've been going higher for over two weeks now. My guess: a short-term top can't be far off.

Everyone is now looking forward what tomorrow will bring with NFP-report, one of the more volatile days of the month...

Daily charts DIA, SPY, QQQ and IWM:

Currencies: The euro first moved lower fast, but bounced right on 1.35. Very strong action after that, looks ready to move higher (short-term).

Gold & Silver: Nice bounces in both of them.

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