Market Summary

The market made a new high this week and closed off its recent high at the high end of the 104.00 - 110.00 range on the SPY. However, market prices also look to be rolling over and could make a pull back. There is a gap on the daily chart in the image below noted by the blue dot. Should the market gap lower that would create an island top and that would be very bearish. Click on image to enlarge.

Of the markets followed the EEM and FXI continued to perform the best on a weekly basis. Gold is continuing to make new all time highs. To me this reflects a lack of confidence in currencies, particularly the US Dollar. India just purchased 200 tons of gold last week from the IMF. It was the biggest single purchase of gold by a central bank in the past 30 years and could be seen as a signal governments around the world are becoming uncomfortable about the sliding value of the dollar. Click on image to enlarge.