If you want to know what's going on in the markets, just look in the mirror. In one moment, investors are bullish and the next moment, very bearish. It just shows you the skittish nature of the market that we are in.
How do you feel about the market? Leave a comment below and tell us how feel.
Despite last week's wild gyrations, the markets closed lower for the week. This is the big picture you really want to watch and pay attention to. Looking at the S&P 500, as it represents a broad swath of the markets, this index closed out last week at 1,982.85, down 1.3% for the week. This was the lowest close in this index in over six weeks, not exactly a stellar picture. Again, when you look at the bigger picture, a clearer picture emerges of what's going on.
The same dismal story can be applied to the NASDAQ that closed down 1.44% for the week, closing at 4,513.44. Last week's close represents the lowest close for this index in six weeks, again not a good sign.
The Dow also closed lower for the week but still managed to have its third-highest weekly close in history. This morning the DOW gave its first serious indication that things are beginning to come apart as it joined the same picture as both the NASDAQ and the S&P 500. A weekly Trade Triangle flashed a exit and sideline position for this index. Now, just like the S&P 500 and the NASDAQ, the DOW is indicating that you should be out of market at the present time and on the sidelines.
In other markets...
Gold (FOREX:XAUUSDO) - The trend in gold continues to be negative with no sign of a turnaround at the moment. I am watching this market closely for a reversal.
Silver (FOREX:XAGUSDO) - Much the same picture in silver as the trend continues to erode and move lower.
US Dollar (NYBOT:DX) - The Dollar continues to soar and is in a strong upward trend, but how long can this last?
Crude Oil (NYMEX:CL.X14.E) - Crude oil appears to be trying to make a stand at the $90 level. This area is an important psychological level for this commodity to hold. What I have to say on crude today may surprise you.
Bitcoin (BITCOIN:BITSTAMPUSD) - Even Bitcoin has sort of gone into a funk as it is now in a strong downtrend and looks to be out of fashion at the moment. But is all that going to change in the future?
I will be looking at all of these markets in today's video, so be sure not to miss it!
Every success with MarketClub,