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Macro Week In Review/Preview: January 25, 2013

ByDragonfly Capital
AuthorGregory W. Harmon
Published 01/27/2013, 03:21 AM
Updated 05/14/2017, 06:45 AM

Last week’s review of the macro market indicators suggested, heading into the shortened holiday week that the markets continued to look bullish. Gold looked set to continue higher within the sideways channel while Crude Oil continued its rise. The US Dollar Index seemed content to move sideways while US Treasurys were biased higher in the downtrend.

The Shanghai Composite and Emerging Markets were biased to the upside on a break of their recent consolidations. Volatility looked to remain low and biased to move lower keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. There seemed to be some rotation from the IWM into the SPY and now the QQQ was clearly lagging in a consolidation zone, keep an eye on it.

The week played out with Gold drifting higher early only to crash late in the week while Crude Oil moved up but is pace is slowing. The US Dollar continued sideways while Treasuries hung on before losing ground Friday. The Shanghai Composite continued to consolidate in a tight range while Emerging Markets gave up some of their gains, down to support.

Volatility remained at extreme lows. This allowed the Equity Index ETF’s to continue higher with the SPY and IWM making new multi-year highs but the QQQ still lagging in eh consolidation zone.

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