Macro Week in Review/Preview September 13, 2013
- Posted by Greg Harmon
- on September 13th, 2013
Last week’s review of the macro market indicators suggested, as we headed back to a full week after the holidays that Gold looked to continue lower in the short term uptrend while Crude Oil marched higher. The US Dollar Index was biased higher in the long consolidation while US Treasuries were poised to continue lower. The Shanghai Composite looked to continue higher while Emerging Markets joined it after a strong reversal. Volatility looked to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. The charts themselves showed that the QQQ was very strong, looking for new highs while the IWM was next and the SPY the weakest of the bunch.
The week played out with Gold drifting and then flooding lower while Crude Oil consolidated in a higher range. The US Dollar reversed moving lower while Treasuries consolidated at the lows. The Shanghai Composite met some resistance and pulled back at the end of the week while Emerging Markets consolidated their recent gains. Volatility found a bottom and started a new bounce but remained subdued. The Equity Index ETF’s moved back higher with the SPY and IWM trailing the QQQ which made new 13 year highs. What does this mean for the coming week? Lets 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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