Market Summary

It would appear that we have begun a new leg to the downside with the big sell off on Friday. The last several days rally of 7% off the recent lows seems to have run out of momentum and reversed course. I have placed Fibonacci retracement levels on the image below from which levels we will either bounce off of or pass through as we go lower. Which way we go time will tell. Click on image to enlarge.

Only GLD and UUP are positive for the YTD period. For the week only UNG was up while the FXI was down -4.77% and the small cap index $RUT and the emerging market EEM were both down more than -3%. Click on table to enlarge.