Hello fellow traders everywhere. Adam Hewison here co-founder of MarketClub with your weekend update for the trading week ending on 8/19/11.
The tail that wags the dog
Once again, the problems with sovereign debt in Europe spilled over into the global equity markets, and in particular the bank stocks. Europe is "the tail that wags the dog", and in this case, it's the world.
Video update here.
For the 4th straight week, US equities closed lower and under heavy selling pressure. Gold on the other hand soared to new highs, on fears that the sovereign debt crisis is escalating and getting totally out of hand. (It's already out of hand).
With world equities coming under pressure crude oil was not immune to the potential of less demand for this commodity. With that in mind crude oil slipped 3.6% for the week.
So there you have it, the trends continue, and these trends are likely to continue in the near future.
Now, let's go to the weekly charts and see what happened last week in the major markets according to our Trade Triangle technology. Continue reading "Weekend Update...The Tail That Wags The Dog" →