The bull run that started in December had to take a breather after it extended into 2021 and this week was the week. Six of the seven markets that we track weekly will finish the week down, and the one market that is up may shock you.
We'll start with the three major indexes. The S&P 500, DOW, and NASDAQ will post their first weekly loss of the year and the first in four weeks, with losses standing at -1%, -.6%, and -1%, respectively.
The week's surprising winner is the US Dollar with a weekly gain of +.6%, marking its second straight week of gains, which was enough to trigger a new green weekly Trade Triangle, moving the US Dollar to a sidelines position.
Both gold and crude oil are hovering just below the -1% mark as they head into the finish Friday afternoon with weekly losses starting at -.9% and -.8%, with crude oil losing -2% on the day.
The big newsmaker on month cooled off a touch posing a weekly loss of -10%. However, Bitcoin has bounced back from steep early losses where it shed over 10,000 points in early week trading to trade at the 35,000 level. Is it profit-taking that colled off the firey rally or something else? What do you think?
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 3,662.71
- Dow (INDEX:DJI): 29,881.82
- NASDAQ (NASDAQ:COMP): 12,543.24
- U.S. Dollar (ICE:DX): 89.32
- Gold (NYMEX:GC.G21): 1,856.60
- Crude Oil (NYMEX:CL.G21): 53.83
- Bitcoin (BITCOIN:BITSTAMPUSD): 25,770.00
Every Success,
Jeremy Lutz
INO.com and MarketClub.com
I am very concerned with the value of the dollar vs the value of metals and bitcoins. I am not old enough to comment on great depression but my father advised me during the start of the war (WW-II) that if conditions at that time occur again, he would strongly suggest gold , silver, and not stocks, particularly manufacturing stocks. If the economy is bad enough people will avoid everything but the essentials. I feel we are on the edge of a cliff. I just don't want to fall off.
eventialy sanity will prevail, natures law, gold will shine!