We complete this weekly wrap-up on Sunday morning taking a look at a few of the top news headlines of the week. The effects on the various markets, as always, was economic news, all bad this week once again. We had bad economic news taking the S&P500 market to record highs, does not really make any sense, does it. Oil shot up another 5% , precious metals shot up on the uncertainty. And then on Friday, we had a leaked attack on Iran, then it was recalled., what will this week hold.........The FED announced nothing, the dollar fell, the bonds rose (Yield fell) and PM rallied up nicely, jumping the creek and running to the next resistance level.
All charts are weekly candlesticks.
Precious metals had quite a week, with gold shooting up over 1400, closing at 1399. SIlver up to 15.53, before getting slammed down on Friday, as usual. With all the printing by the FED, we could see the USD falling into the 93 range, very bullish for metals. USD dropping to 95.69, a drop of a solid 1.75 points equaling to 1.8% in one week.
S&P500 hit record highs, then retreated slightly on Friday, triple witching options day. The rest of the market did not see records but had solid weeks as free money in about to flow into the equity markets forever. On the weekly chart, your could also see a triple top that fails to be broken.
Crypto had an explosive week, momentum is your friend. BTC dominance at 58.6%, total marketcap over 300 at 329 billion, and total token tracked at 2279, 41 tokens, the most I remember in awhile. Steem drops 5 places at #70, price at 0.4078.
Keep stacking. Go get you some.
Thanks for following @RollingThunder
I don't really have anything new to write... We are about 8 Days away from the Start of what I'm calling a Major Monetary Event... Timing is very important... When Cents have the Spending Power of Dollars...
I see many people considering that "nothing" came out of the FED meeting this week. In my view, this is very wrong. It's the first time in 10 years that they've even hinted at "possibly" lowering the interest rates, if the economy slowed down. Immediately following their meeting, gold jumped up $60/oz. and the 10-year bond yield fell straight off of a cliff. Both of those things were direct and noticeable market reactions to their announcements. As many people expect the FED to lower interest rates in July, I will be looking for even larger reactions in both of those areas at that time.
Thanks for the analysis of the market, I missed it earlier to respond. I agree that people are missing the macro ramifications of what the FED did last week. The PMs and bonds are sniffing out and leading the market while the sheep are salivating over more free money. Free money is having a diminishing return and results are fading each and every time. July will be very interesting after the 4th of July holiday.