Market Summary

Not a good week in the markets overall. The table below shows only gold was up for the week slightly by 1.77% and all the other markets followed were in the red. And as gold is a defensive play it makes sense that as money is leaving equities it is finding safe haven in gold. Click on table to enlarge.

The year to date sector performance shows we lost two sectors this past week to the red side. Both Industrial Goods and Financials jumped back over to the red side after only jumping on board the green side just the week before. Basic Materials, which the week before was up 17.3% is still leading the pack at 10.7%. Click on graph to enlarge.

The S&P 500 daily chart below shows we broke a long term trend line this week to the downside. How far down we will go remains to be seen. This is likely to be the long awaited pull back that creates the buying opportunity many have been waiting for. While it may be that we are having a bear market rally off of the March lows the momentum still appears to be to the upside thus we are likely to see a continuation of the current rally upon completion of this pull back. We will just have to wait and see. Click on chart to enlarge.