This week…… - Once again the stock markets soared to new all-time highs. There are some who believe nothing can stop it. Maybe they are right. It would appear that only a sudden “#blackswan” event might stop this market in its tracks. But the stock market is rising against a bevy of negative divergences that should eventually prove to be the markets undoing. All the stock markets are confirming each other as the S&P 500, the DJI, DJT, NASDAQ and even the TSX soar to new highs. - The nonfarm payrolls number got market pundits excited that the US economy is poised to soar. Stocks rose, the bond market faltered, the #US$ jumped and gold slipped. All according to expectations. The US bond market is slipping and there is an important auction this week. Two year Treasury note yields are the highest seen in 2014 and the highest since a blip in September 2013. The nonfarm payrolls are more closely examined. - #Gold prices slipped following the higher than expected nonfarm payrolls on Thursday. But by the end of the day, gold had recovered roughly 2/3rds of the drop and end the week with a tiny gain. Gold is faltering under $1,330/$1,335 resistance and the bears remain. No COT this week and the previous week’s COT seemed to indicate that a top was pending. Or is it? #China continues to import gold. - The US$ fell then bounced back following the release of the nonfarm payrolls. The Euro slipped because the ECB now has negative interest rates. But the Pound rose and so did the #Cdn$. - #Oil prices fell as it was perceived that the crisis in Iraq wasn’t as bad as initially thought. The major #Iraqi oil fields in the south (Shia controlled) appear to be safe from the Sunni insurgents.
Posted on: Mon, 07 Jul 2014 01:52:10 +0000
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