Macro Month in Review Preview October into November 2012
- Posted by Greg Harmon
- on October 31st, 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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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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