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•Stocks finish the week mixed with small gains, but short of a breakout * S&P 500 prints an Inside Week * QQQ is less then ½ percent from all-time highs on good market breadth * IWM with bullish divergences * Transportation (IYT) stocks gain strongly * This could be the leading indicator of a fresh push higher * Financials (XLF) may not be done correcting, but likely close * Cyclicals (XLY) and Staples (XLP) hit all-time highs * Strength in bonds is translating into strength in Utilities (XLU)
Junk bonds within striking distance to fresh highs – this is good for stocks * Long-dated Treasuries (TLT) move higher, but could be finding resistance at the yearly pivot point * Diversified bonds (AGG) close the November gap * Investment-grade corporates (LQD) print a shooting star on a weekly chart US Dollar looses for the week vs Euro and Sterling, but flat vs the Yen * Long-term the Dollar is still bullish, but short term weakness may persist Gold could be poised to challenge overhead resistance around $1338 * GDX underperforms gold for the week as it works-off overbought conditions West Texas Intermediate Light Crude Oil takes a dive with 6.69% loss – more likely to come * Energy (XLE) continues to slide with bearish market breadth Is Natural gas printing a massive Head and Shoulders top? |
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