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Macro Week in Review/Preview December 14, 2012

Last week’s review of the macro market indicators suggested, heading into the week that the markets were slowing but positive. Gold looked to consolidate the latest move lower while Crude Oil joined it to the downside. The US Dollar Index was bouncing higher while US Treasuries were set up to move lower or consolidate. The Shanghai Composite and Emerging Markets were biased to the upside with the Chinese market doing so in a downtrend while Emerging Markets were gaining strength. Volatility looked to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. The SPY and IWM seemed strong while the QQQ was the weakest of the 3 and should be the one to watch on a rollover.

The week played out with Gold trading in a tight range around 1700 while Crude Oil held its recent range. The US Dollar found a top and pulled back while Treasuries moved lower. The Shanghai Composite continued its move higher putting an exclamation point on the end of the week with Emerging Markets continuing their gains. Volatility remained subdued and in a tight range. The Equity Index ETF’s peaked with the SPY and QQQ probed higher before pulling back form their midweek highs. What does this mean for the coming week? Lets look at some charts.

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