The percentage winner for the week was crude oil which moved up 2.32% and is on the verge of breaking out on the upside. The markets continue to wait and wonder as to what is going to happen with the debt ceiling talks.
It would seem like neither the democrats or the republicans give a hoot about the country, all they seem to be interested in is political gamesmanship and preserving their own power. We are as of today’s taping no closer to getting a debt ceiling deal in place than we were a week ago. UGH!!!
Europe is still in a quandary even though the politicians are trying to save face and save the no win situation in Greece. Imagine the first bailout to Greece didn’t work, so now we are going to loan Greece even more money to pay back. Does that make any sense to anyone?
Its like Greece belongs to this exclusive country club and can’t afford to pay it’s monthly tab or membership fees. Well, guess what, in the real world, i.e. the private sector, Greece would be kicked out of the club, end of story. However, in the world of political make believe and Kabuki theater, we’ll just loan you more of the tax payers money to pay for your dues. Sorry, I forgot it’s Europe’s turn to “Kick The Can Down The Road”.
Let’s take a look at the charts, because unlike politicians, they tell you what is really going on in the world.
So here’s what happened last week in the major markets.....
S&P500 move for the week: +2.19%
Monthly Trade Triangles for Long Term Trends = Positive
Weekly Trade Triangles for Intermediate Term Trends = Positive
Daily Trade Triangles for Short Term Trends = Positive
Combined Strength of Trend Score = + 90
Silver move for the week: +2.00%
Monthly Trade Triangles for Long Term Trends = Positive
Weekly Trade Triangles for Intermediate Term Trends = Positive
Daily Trade Triangles for Short Term Trends = Positive
Combined Strength of Trend Score = + 100
Gold move for the week: +.47%
Monthly Trade Triangles for Long Term Trends = Positive
Weekly Trade Triangles for Intermediate Term Trends = Positive
Daily Trade Triangles for Short Term Trends = Positive
Combined Strength of Trend Score = + 90
Oil move for the week: +2.32%
Monthly Trade Triangles for Long Term Trends = Negative
Weekly Trade Triangles for Intermediate Term Trends = Positive
Daily Trade Triangles for Short Term Trends = Positive
Combined Strength of Trend Score = + 60
Dollar Index move for the week: -1.19%
Monthly Trade Triangles for Long Term Trends = Positive
Weekly Trade Triangles for Intermediate Term Trends = Negative
Daily Trade Triangles for Short Term Trends = Negative
Combined Strength of Trend Score = + 75
CRB Index move for the week: +.43%
Monthly Trade Triangles for Long Term Trends = Negative
Weekly Trade Triangles for Intermediate Term Trends = Positive
Daily Trade Triangles for Short Term Trends = Negative
Combined Strength of Trend Score = + 60
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