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Macro Week in Review/Preview January 10, 2013

Last week’s review of the macro market indicators suggested, as the first full week of 2014 began, that the markets were showing signs of rotation again. It looked for Gold to continue to bounce in its downtrend while Crude Oil continued lower. The US Dollar Index looked content to move sideways with an upward bias while US Treasuries consolidated with a bias lower. The Shanghai Composite and Emerging Markets were biased to the downside with the possibility that the Chinese market continued to consolidate. Volatility looked to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts showed that the SPY and IWM were consolidating their gains with slight pullbacks and looked solid, with the slight edge to the IWM, while the QQQ was pulling back and might do so a bit longer still.

The week played out with Gold probing higher and failing before making a higher low while Crude Oil continued the drift lower. The US Dollar drifted slightly higher while Treasuries made a move higher to test the recent range. The Shanghai Composite and Emerging Markets continued lower but Emerging Markets may have found a bottom. Volatility made a move back lower, continuing last weeks fall. The Equity Index ETF’s halted their fall and bounced, but non made a new high. What does this mean for the coming week? Lets look at some charts.

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