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Macro Week In Review/Preview: October 19, 2012

ByDragonfly Capital
AuthorGregory W. Harmon
Published 10/21/2012, 03:34 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 October Options Expiration week markets were looking bleak. Gold looked ready to continue lower in the short run while crude oil was biased higher. The US Dollar Index seemed content to move sideways while US Treasurys were biased lower.

The Shanghai Composite was biased to the downside with Emerging Markets looked to continue their consolidation at resistance. Volatility looked to remain subdued, keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, with the view from the dollar and Treasurys supporting that as well. The charts of the Equity Index ETF’s didn’t agree with this as the IWM and QQQ looked solidly biased lower with only the SPY in consolidation.

The week played out with gold dropping Monday and consolidating all week until another hit Friday while crude oil printed a series of long legged doji in consolidation. The US dollar moved lower before finding a bottom and bouncing while Treasurys moved down to test support.

The Shanghai Composite continued to consolidate in a tight range before peeking over resistance as Emerging Markets tested the top of their range before pulling back. Volatility was tame, until Friday, but remains quite low. The Equity Index ETF’s all bounced only to give back their gains by the end of the week with the QQQ and IWM making lower lows.

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