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fib_1618

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Other that that, there isn't much more to report this week though we lost quite a bit of strength in the BETS indicator as it moved from a +60 to a +45 on the back of the weakness in the AMEX marketplace. But given the buoyancy that we continue to see in many of the equity related A/D lines, we'll continue to look for the bulls to provide any near term surprises that we may see next week.

Pretty much a break even week as it turned out with the large and small cap indices up while the mid caps and the secondaries closed lower compared to the previous Friday.

As was the expectation 3 weeks ago, this past weeks roller coaster ride provided a way for the NYSE Composite advance/decline line to fulfill its expectation of a snapback to what was its previous overhead resistance. On the negative side of this same snapback, the NYSE Bond CEF, REIT and Preferred advance/decline lines took it on the chin as they were whipsawed between perceived economic weakness with the ECB's cut in rates on Thursday, only to be blown away by Friday's US jobs data showing that hiring picked up in spite of the Government shutdown and the roll out of the Affordable Care Act. At this point, however, Friday's huge 5% gain in interest rates in the 10 year note were not at all confirmed by the NYSE Bond CEF A/D line which would suggest that we're likely locked within a trading range between 2.5% and 2.9% until more definitive information is provided to work with.

In other areas, the Precious Metals and XAU advance/decline lines had a fairly flat week as the spot price of gold and silver continued lower in what should be a challenge of their October lows, while the internationals remained stable with the DAX being the primarily beneficiary of the cut in rates by the ECB on Thursday by closing at new all time highs.

Overall then, the markets absorbed quite a bit of data and continue to remain buoyant in spite of all of the pushing and shoving seen by both the bulls and the bears. Our near term focus though is with the NYSE and NASDAQ breadth McClellan Summation Indexes (see cumulative charts) as they both continue to move lower and leaving behind what could be classic "double hump" exhaustion patterns that would have ramifications for intermediate to longer term uptrend. But as we have seen in the past, we should never underestimate the underlying power of this advance, so let's continue to look for any near term surprises toward that of the bullish persuasion. 

Have a great week of trading!

US Equity Markets:

[breadthspx110813]



[breadthdjia110813]


[breadthspec110813]


[breadthpre110813]

US Interest Rates:

[breadthtnx110813]

US Real Estate:

[breadthreit110813]

Precious Metals:

[breadthpm110813]


[breadthxau110813]

Australia:

[breadthaus110813]

England:

[breadthftse110813]

Germany:

[breadthdax110813]

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