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Technical Analysis Works, Except When it Doesn't

Daily Recap

World markets were mixed today, with stocks heading down in Asia and the Asia Dow dropping by 0.56%. In Europe, it was more of a mixed bag. The majority of exchanges were higher, however, and the STOXX 600 eked out a 0.06% increase. In the US, stocks were higher all day long, mostly on the inevitable cooling tensions in Korea, and the President's reported willingness to raise the debt ceiling and go along with a spending bill to avoid a government shutdown.

 

A variety of factors led to declines in bonds after yesterday's big gains, taking yields higher. The dollar liked that, its index closing at 92.30%, up 0.08%. Crude oil prices also gained, rising 0.88% to $49.09/bbl.

 

Precious metals sold off as the sun once again rose today with no sign of Armageddon. Gold gave back $6 of its recent gains, but is holding well above its $1300 breakout level – now at $1333/oz. Silver ... Log in or subscribe to continue reading.


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