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Macro Week In Review/Preview: June 21, 2013

ByDragonfly Capital
AuthorGregory W. Harmon
Published 06/21/2013, 01:25 AM
Updated 05/14/2017, 06:45 AM

Last week’s review of the macro market indicators suggested Gold could consolidate with a downward bias. Crude Oil moved higher. The U.S. Dollar Index and Treasuries continued lower. The Shanghai Composite and Emerging Markets were also biased to the downside. Volatility remained low, but was slowly trending higher, creating a lower bias for the equity index ETF’s SPY, IWM and QQQ in the short run. Their charts also showed signs of a pullback with the SPY and QQQ both weaker than the IWM.

The week was highly influenced by the Fed meeting, and played out with Gold leaking before releasing the floodgates lower. Crude Oil moved up, only to give back two weeks of gains to end the week. The U.S. Dollar found a bottom, and turned up. Treasuries fell out of consolidation lower. The Shanghai Composite continued down out of consolidation, while Emerging Markets did the same. Volatility bounced after the Fed meeting, but remained below our trigger at 22. The Equity Index ETF’s started higher, but that ended after the Fed announcement. The SPY, IWM and QQQ gapped lower Thursday, and raised some hope with potential reversal candles Friday after starting lower.

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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