Market Summary

As can be seen from the weekly chart of the S&P500 below the 20 moving average(blue line) is at the point of crossing the 50 moving average(red line). This last happened at the beginning of 2008 and we know what kind of year that was. Currently we are in between the low and the high of July and which price level we reach first, the prior low or the prior high, will tell us a lot about the trend of the market. Click on chart to enlarge.

For the YTD period gold and the dollar are the only ETFs in positive green territory. For the week FXI and GLD did the best and USO did the worst. Click on table to enlarge.