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Macro Week in Review/Preview April 12, 2013

ByDragonfly Capital
AuthorGregory W. Harmon
Published 04/12/2013, 01:08 AM
Updated 05/14/2017, 06:45 AM
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Last week’s review of the macro market indicators suggested, heading into the new week the markets were decidedly weaker but not surrendering yet. It looked for Gold to continue to bounce toward 1600, while Crude Oil moved higher in its triangle consolidation. The U.S. Dollar Index looked to pullback in the uptrend, while U.S. Treasuries were back in the consolidation zone and biased higher. The Shanghai Composite and Emerging Markets remained biased to the downside. Volatility looked to remain contained, keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. They all looked better to the downside on a very short term basis, with the QQQ strongest on the weekly timeframe.

The week played out with Gold continuing higher, but getting slaughtered to end the week. Crude Oil also moved up, but was slapped back in the end. The U.S. Dollar continued lower, barely bouncing Friday while Treasuries held a short pullback and rebounded. The Shanghai Composite rebounded from support as Emerging Markets muddled along mainly sideways. Volatility continued lower, and only briefly took notice of the Gold panic Friday. The Equity Index ETF’s continued the jump higher from last Friday’s lows, with the SPY making new all time highs and the QQQ multi-month highs before they all gave back some ground Friday. What does this mean for the coming week?

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.

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