Market Summary

Last Monday the market reach 1196 which is close enough to the 1200 mark to qualify for reaching my target. The question remains was that the high for the current rally? News will drive this market which has been going sideways with many daily dojis. The statement of the FOMC meeting scheduled for Nov. 2-3 and the results of the election as well as two unemployment reports are due next week. I would consider a correction to begin with a close below the 1170 mark. A correction, however, may be good for the market. The falling dollar and rising inflation will help push the market higher. Note the "Golden Cross" where the 50 day moving average crossed above the 200 day moving average at approximately 1122. Click on chart to enlarge.

Gold, the small cap index, and the Nasdaq are the top three in the table below for the year. What is interesting is that the natural gas ETF UNG did the best for the week up 9% but has done worst for the year down -45%. When markets turn what was going down starts going up and what was going up starts going down. Click on table to enlarge.