Market Summary

The market does not paint a pretty picture. Technically speaking it was a weekly key outside reversal to the downside and the candlestick pattern is known as a bearish engulfing weekly candlestick. The last time we had a week like this was the week of the April 26-30 where we opened higher on Monday and went down all week. Same thing happened last week where the Chinese made the announcement that they would ease currency exchange rates for their currency and the market gaped open higher Monday and sold off all week long. Is this the beginning of a bear market? The market is already weak and deteriorating and the odds of a double dip increase as the market goes lower. Sentiment is bearish. Click on image to enlarge.

Gold is again the leader to the upside up nearly 12% for the YTD period. For the week the China ETF FXI was up the most. FXI could be a stock to watch as a global economic bellwether. Click on table to enlarge.