Macro Month in Review/Preview June into July 2012

• Posted by Greg Harmon
• on July 1st, 2012

Last month in this space my Monthly Macro Review/Preview the monthly outlook showed resolution of the consolidation zones in many areas. Gold was biased to the downside with Copper shifting the bias in consolidation from upward to downward. US Treasuries and the US Dollar Index looked balls to the walls higher. Crude Oil was moving lower and looked to continue with Natural Gas continuing to consolidate. The Shanghai Composite remained better lower within the consolidation with the German DAX joining it, and Emerging Markets consolidating but on the verge of a collapse. Volatility was moving up and looked to continue. With this backdrop the Equity Index ETF’s SPY, IWM and QQQ were set up to continue higher in the coming months but looked to continue to experience pullbacks in that trend in the intermediate term. How does an additional month impact the longer term picture? Let’s look at some charts.

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