Market Summary

As can be seen in the chart below of the S&P500 prices have broken out above prior resistance level at 1130 and are now up against the next area of resistance at 1150. Should the market break above this level the next area of resistance is the 1170 area. While historically September and October are the worst months of the year in the market September has so far proven to be exceptional. It appears very unlikely we will have a double dip in the economy if the stock market is our guide. How long the current rally will continue we will just have to wait and see. Click on chart to enlarge.

For the YTD period gold continues to outperform the rest of the markets. Over the last several weeks more and more of the funds followed have moved into positive territory for the year. For the week EFA was up the most up 3.26% followed by the small cap index up 3.00%. The US dollar and natural gas were the only losers for the week down -2.67% and -3.04% respectively. Click on table to enlarge.