The Closing Prints – Weekly 12.16.16

Here are the closing print and what each Asset looks like with the next closed weekly candle.

Dow Jones

The DJIA just looks like it has run out of steam. A 2,000 point rally in a straight line over the last 5 weeks. Can it go higher? Sure, but I am not buying it up here. I am intermediate bearish and I believe full well that you will get much better prices in the future. Everyone has chased these prices, blew this off and I am certain a drop is coming in the coming weeks due to the strength of the dollar and other macro forces.

djia

S&P 500

Same Thing as above. Boom! What goes up will come down. And the fast it goes up the fast it pulls in.

spx

Small Caps

I mentioned yesterday that I will be watching to see where the small caps were doing. Right now the Small caps are going to be the leaders both up and down. They reversed off the highs and closed the week red. I see lower in the near term here.

iwm

Oil

After the big week reversal and the even bigger week from the OPEC deal, oil needs to go sideways and hold 50. If this holds 50 for a few weeks it will go to 63. If it cannot hold 50 then it will likely head back to the bottom of the range. I am expecting the former. 

oil

Copper

Copper has a long term bear market downtrend line broken. I am looking for the retracement which is already underway and a good buying spot for this here. 2.3-2.4

copper

Gold

Gold has been obliterated. The amount of time it has been oversold from a daily candle perspective is longer than anything in the last decade. It has crashed from the 2016 highs in 12 weeks down 15%. You are about to see a WICKED rip back up to a fair value range. What happens THERE is what matters concerning gold. 

gld

Bonds

See Gold Above. Same shit.

tlt

 

Dollar

The dollar will continue to be the key. It is going to 110…that is what EVERYONE is saying anyways. I want to see HOW FAR the dollar pulls in on the Bonds and Gold bounce.

dxy.JPG

Euro

Next week is important for the Euro. Does this breakdown or reverse? EVERYONE is calling for the euro/dollar Parity. It’s everywhere. EVERYONE is short the euro. It may continue to break down and then you get out of the way. However if this reverses. O my.

euro

Yen

This is coming back down. Again what happens THEN is what matters. I am expecting a vicious pull in to at least 112 probably under 110. 16% in 6 weeks the Yen has been devalued continuing to boost SPY and DJIA returns to inflated prices.

usdjpy.JPG

 

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