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Market Update

Market Direction Is Important –

Updated Chart of the S&P 500 and Secondary Signals

Of our Four secondary indicators under our MTI:

  1. Relative Strength Index (RSI)-Positive

  2. Chaikin Money Flow (CMF)-Positive

  3. MACD- Positive

  4. Money Flow Index-MFI-Positive

More on the Market and the Economy:

With a muted reaction to positive economic data, stocks finished on Friday up modestly, logging a gain for the fourth consecutive week. The S&P 500 rose fractionally on Friday, but managed yet another record close – the seventh record finish in eleven sessions.


This week will see the release of data on industrial production, housing starts, existing home sales, inflation, and the Fed’s FOMC meeting minutes.

The US budget deficit widened to $122 billion in October – the first month of fiscal 2015. The government spent $334 billion (up 16% from one year ago), as outlays for education and defense rose, and took in $213 billion in receipts (up 7% form one year ago). The government ended fiscal 2014 with a gap of $483 billion.

Source: Treasury Department

Falling oil prices have not slowed US oil producers yet. The US pumped the most oil since the 1980’s, according to weekly data from the Energy Information Administration. Production amounted to 9.06 million barrels per day in the week ended November 7th – the last time production topped 9 million barrels a day was 1986.

Demand for gold fell further in the third quarter, according to the World Gold Council. Demand declined 2% on a yearly basis to 929 tons – the lowest since the fourth quarter of 2009. That follows a 16% yearly decline to 964 tons in the second quarter. Buying by central banks fell 9% to 93 tons (but still marked the 15th consecutive quarter of net buying). On an upbeat note: demand in India jumped 60% on year to 182.9 tons. Gold ETF outflows slowed to 41 tons for the quarter, compared with 120 tons one year ago.

Source: World Gold Council


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