equity markets posted weekly closing reversal tops indicating the possibility
of the start of a 2 to 3 week break.A
worse than expected U.S. Durable Goods Report triggered todayâ€™s sell-off, but
the high for the week was posted shortly after the Fed FOMC announcement on
September 23rd.Investors are selling
stocks on the belief that prices are too far ahead of economic conditions.
U.S. Treasury markets closed higher for the week led by a
sharp rise in the December T-Bond.News
that the Fed is going to extend its asset buyback program into 2010 helped give
Treasuries an initial boost earlier in the week. Weakness in U.S. equity
markets encouraged investors to park their profits in the safety of the Treasuries.
The U.S. Dollar overcame early weakness to post a weekly
closing price reversal bottom.This move
doesnâ€™t turn the trend to up, but is a strong indication that the Dollar will
rally for 2 to 3 weeks.A follow-through
rally through .7734 next week is needed to confirm the reversal bottom.The main trend will turn up following a
breakout over .7997.
December Gold and Silver finished the week lower because of
the stronger Dollar and the drop in demand for risky assets.The main trend is now down in gold on the
daily chart.The weekly chart indicates
a move to the 975.00 is possible before fresh buyers come in to support the
market.Based on the developing chart
pattern, there is still the possibility of a rally back to 1005.00.December Copper also looks as if it is
developing a major top.
December Crude Oil finished lower for the week.The bearish fundamentals indicate more
downside potential next week.Earlier
this week, it was reported that ending inventories rose unexpectedly because of
a huge drop in demand for crude oil and gasoline.A stronger Dollar is also likely to keep
downside pressure on the energy complex.
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