28 June 2013

SP 500 and NDX Futures Daily Charts - Paint Spills Off Tape a Bit Into End of Quarter

And the second quarter is finally over.

Stocks extended their rally in a choppy trade for much of the day but then slumped into the close as traders took profits and squared up ahead of a holiday shortened week.

As a reminder there will be no trading in the US on Thursday, 4 July, and the volume on Wednesday and Friday is likely to be rather light. So I think we will see a lot of 'technical trading' unless something happens.

I do think these markets have been so corrupted by gimmicks that they have become virtually dysfunctional to the real economy.

Have a pleasant weekend.