This week….. - The S&P 500 and the DJT made new highs and closed lower. The NASDAQ made new highs and eked out a gain. The DJI did not make new highs and closed lower. Lots of divergences in the daily indicators are suggesting that a short term correction could be at hand. But that should be it. Then after that the market could well make new highs once again. So far the January omens are negative. But then the month is not yet over. - #Bonds rose for the second week in a row. It is possible that the six-year cycle low is in. But there is considerable work to be done. Janet Yellen would not want to see sustained 3% bond yields on the 10 year Treasury note. - #Gold rose again and the gold stocks enjoyed a strong up week. So far in 2014 gold is up. US and European Regulators are investigating a number of banks for currency and precious metals manipulation. Deutsche Bank is quitting the #LBMA and dropping out of the precious metals daily settings. Interesting. Gold was up despite another rise in the US$ Index and continued talk that the FOMC might cut another $10 billion from the monthly #QE. - #Oil prices rebounded. There remains a number of hot spots around the world that could derail oil prices at any time.
Posted on: Sun, 19 Jan 2014 20:27:04 +0000
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