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Macro Week In Review: August 24, 2012

ByDragonfly Capital
AuthorGregory W. Harmon
Published 08/26/2012, 03:11 AM
Updated 05/14/2017, 06:45 AM

Last week’s review of the macro market indicators saw heading into the new week it looked like the markets were very similar to the previous week's view. Gold and crude oil looked best to continue higher, with a chance that gold consolidates further.

The US Dollar Index looked to consolidate, but with an upward bias and Treasurys looked to continue lower. The Shanghai Composite looked to set new multi-year lows while Emerging Markets consolidated further before another upside move. Volatility looked to continue towards historic lows allowing for the Equity Index ETF’s SPY, IWM and QQQ to continue their rise to multi-year highs. The SPY looked the best followed by the QQQ and then the IWM, which was still among some previous congestion. It seemed only a hard reversal by Treasurys could derail this market now.

The week played out with gold ripping higher while crude oil also moved up, but consolidated some gains later in the week. The US dollar broke lower and found a bottom while Treasurys rebounded to fill upside gaps. The Shanghai Composite continued to consolidate in a tight range at the recent lows while Emerging Markets gave up some of their gains, perhaps rolling over. Volatility bounced off of the lows but remained subdued. The Equity Index ETF’s peaked with the SPY and QQQ making new multi-year highs before all gave back some ground late in the week.

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