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Macro Month in Review Preview October into November 2012

Last month in this space my Monthly Macro Review/Preview had the monthly outlook suggesting the upside for Copper would continue while Gold might consolidate with an upward bias. Crude Oil and Natural Gas were in consolidation as well with an upward bias. US Treasuries were in a broad consolidation with a downward bias and the US Dollar Index looked to continue its slide. The Shanghai Composite looked to continue to move lower as well while Emerging Markets continued to consolidate and the German DAX looked strong. Volatility looked to remain low giving an upside bias the US Equity Indexes. The montage of other indicators also favored the upside for US stocks. The charts of the Equity Index ETF’s SPY, IWM and QQQ were in agreement with this bias with the QQQ the strongest followed by the SPY and the IWM bringing up the rear with the best chance of continued consolidation. How does an additional month impact the longer term picture? Let’s look at some charts.

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