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Macro Week In Review/Preview: May 17, 2013

ByDragonfly Capital
AuthorGregory W. Harmon
Published 05/17/2013, 02:40 AM
Updated 05/14/2017, 06:45 AM
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As we headed into the options expiration week for May, last week’s review of the macro market indicators suggested that the equity markets remain strong. Look for Gold to continue its correction, while Crude Oil might consolidate with an upside bias. The U.S. Dollar Index seemed content to move sideways, but with a upward bias as U.S. Treasuries moved lower in the broad consolidation zone. The Shanghai Composite was building towards a break of consolidation higher, while Emerging Markets looked to pullback in their uptrend. Volatility looked to remain subdued keeping the wind at the backs of the equity index ETF’s SPY, IWM and QQQ, despite their moves to new highs. Their charts corresponded with a continued upward bias, but with the IWM the strongest on the short term basis and the QQQ strongest on the intermediate term. Rotation into small caps might result. The week played out with Gold continuing lower, while Crude Oil bounced and moved higher in the range. The US Dollar took that upward bias and ran while Treasuries bounced around in a lower range. The Shanghai Composite continued to consolidate before popping Friday. Emerging Markets went flat as a pancake and consolidated. Volatility remained stable before making lower lows Friday. With this positive backdrop the Equity Index ETF’s continued their march higher with the SPY and IWM making new all-time highs and the QQQ multi-year highs. What does this mean for the coming 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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