Lots of nothing in this week’s market action if you ask me. Slow steady creep to 2 year highs on the S&P, and lots of light volume lift in the markets. A lack of catalysts, holiday trading, futures rollover, etc. all contributed to the slow action.
So, for the time being – and maybe thru year’s end – we’ll probably see moves, if any made on light volume. I will still be watching the dollar and the relationships with gold and silver, more out of interest than of making trades on them.
Interesting looking at this chart on gold. Suddenly seems there are a lot of bears on gold and dollar bulls. But in one week we have managed to work off the overbought condition and pull back to a confluence of support, near the 61.8% retracement level. In fact, gold was down fairly sharply today, only to end with slight gains. There looks to be support here, but any rumblings from China on interest rate hikes there could affect Monday’s open. We again just have to see.
Also saw this today and thought it was kind of interesting and unique – “14 Actors Acting” done by the NY Times.
Enjoy the weekend!