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created: 2007-12-16 12:32:03
Weekly Update
Quite a volatile week with the major averages finishing lower. SP500 finished 1468 down 18. DJIA down 283 points to finish at 13339.85. The XAU and DJT faired the worst with a 4% and 5% drop respectively. Oil was the big gainer of the week as inventories dropped traders took advantage and then by the end of the week we have a nice profit-taking scenario. Oil finished up $91.27bbl up 3.4%. The 10 year yield is starting to gain some momentum gaining 4.23% still very low none the less but on the other side we also see a gain in the USD. I’m expecting a retest of supports this week on the major averages as my STL#2 indicators are still in the positive zone I’m willing to wait this one out. If your aggressive play it short for a day or so I think that’s all you’ll get out of it. Watch the DX and the yields in the TYX and TNX this will influence the USD. Not much else to add this week as we lead into the Christmas break. It’s been a volatile year to date with some interesting outcomes this year. Don’t expect too much happen post Christmas as many traders and institutions will be on holiday so trading will be quiet. We’ll see how we go next week.