Market Summary

The S&P 500 price chart formed a flag pattern as it came off the early November highs and moved sideways between the 20 and 50 day moving averages. With the recent breakout above the 20 day moving average(blue line)a new bullish thrust higher is taking place. Seasonally this is the best time of the year to be in the market as it has historically closed December higher for the month. Will that happen this year we will just have to wait and see. Click on chart to enlarge.

Gold and the small cap index continue to lead for the year. For the week the gasoline ETF UGA was up 8.62% followed by the oil ETF USO up 6.51%. Click on table to enlarge.