This week was a lot of fun from a macro perspective. We have a new government in Greece, Italy wanders, and the world frets that the Europeans are not acting quick enough.
The markets moved up, tanked, and then tried to claw back their losses. For the week the S&P 500 finished slightly higher and gold remains well bid. Silver is having difficulties climbing above the 50 day/week moving average which may be a bad sign next week.
More tech stuff today as I have been busy working on my 3rd Q mining articles which should come out like a flood next week.
No new articles but some quick technical analysis to wrap up the week.
The technical, MACD, and RSI signals look bearish to me and right now I would have to say that the market will need to break resistance levels early next week on strong volume. We could be playing the year-end rally but one has to watch out for funds front running the rally as well.
Early thoughts are for a selloff next week but see what the weekend news flow has in store.
Have a great weekend everyone.
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