Macro Month In Review/Preview: November Into December 2012
Dragonfly Capital | Dec 02, 2012 01:06AM ET
Last month in this space my Monthly Macro Review/Preview had the monthly outlook suggesting further consolidation for Copper and Gold with an upward bias. Crude Oil was also in consolidation where Natural Gas confirmed an upward bias. US Treasurys were in a broad consolidation within an uptrend and the US Dollar Index was consolidating with a downside bias. The Shanghai Composite looked to continue lower as Emerging Markets consolidate and the German DAX looked strong, no change there.
Volatility looked to remain low giving an upside bias to the US Equity Indexes. The other indicators also favored the upside for US stocks with only Treasurys, if they moved out of consolidation higher, giving downward pressure. The charts of the Equity Index ETF’s SPY, IWM and QQQ were in agreement with this bias with the SPY the strongest followed by the IWM and the QQQ bringing up the rear with the best chance of continued short term pullback. How does an additional month impact the longer term picture?
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