Macro Week in Review Preview November 9, 2012
- Posted by Greg Harmon
- on November 9th, 2012
Last week’s review of the macro market indicators suggested, heading into next week there was continued weakness. Gold and Crude Oil looked better to the downside while the US Dollar Index seemed to be turning up and US Treasuries were biased lower within the Uptrend. The Shanghai Composite and Emerging Markets were poised to continue consolidation, Chinese markets within the downtrend. Volatility looked to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, despite the Dollar Index and Treasuries undercutting it. The Indexes themselves all looked biased to the downside with a chance of consolidation within the longer term uptrends.
The election was the pivot point for the week. It played out with Gold ripping higher while Crude Oil jumped only to fall back at resistance. The US Dollar broke higher and Treasuries followed along after the election. The Shanghai Composite rolled back lower while Emerging Markets remained in their recent range. Volatility remained subdued but an uptrend is building. The Equity Index ETF’s SPY, IWM and QQQ held early in the week but dumped hard after the election results. What does this mean for the coming week? Lets look at some charts.
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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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