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Macro Week In Review/Preview: April 19, 2013

ByDragonfly Capital
AuthorGregory W. Harmon
Published 04/18/2013, 01:29 AM
Updated 05/14/2017, 06:45 AM
GC
-0.10%
CL
-3.12%
BMAm
-2.88%

As we move beyond the tax deadline, last week’s review of the macro market indicators suggested Gold had broken major long term support and looked lower, while Crude Oil continued lower. The US Dollar Index was biased to the downside, while US Treasuries looked higher. The Shanghai Composite and Emerging Markets were both biased to the downside, continuing their latest moves. Volatility looked to remain low, keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, despite the continued moves higher. Of these the weakest was the IWM, and the strongest remained the QQQ. All of the Equity Indexes looked better on the weekly timeframe, so a short term pullback was not out of the question in the uptrend.

The week played out with both Gold and Crude Oil continuing lower, consolidating in bear flags. The U.S. Dollar found a bottom and bounced, while Treasuries continued higher. The Shanghai Composite also found a bottom and started a rebound. Emerging Markets bounced around but were generally lower. Volatility made another higher high, but fell back to end the week. The Equity Index ETF’s all pulled back with the IWM and QQQ making lower lows, before all bounced to end the 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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