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Further to my post of September 8th, we may see a breakout
on BAC as price has rallied, once more, to double
"Golden Ratio" Fibonacci confluence resistance, as shown on the
Year-to-date Daily chart below. Volumes have
increased over the past several days, so we may see a volatile move one way or
the other soon.
In addition to watching the BAC:SPX ratio pair, two others that will be of interest over
the next few days are the EUFN:STOX50 and GXC:SSEC
ratio pairs…to see how the European and Chinese Financial ETFs
compare, performance-wise, with their respective Indices.
The European
ETF (EUFN) has broken above a major downtrend/200 sma
confluence resistance level, and has been outperforming the Index since the lows
in July, as shown on the Daily ratio chart below.
The Chinese ETF
(GXC) is at a 3-year prior pivot high resistance level and has
been outperforming the Index since the lows in May, as shown on the
Daily ratio chart below.
As in the case of the
BAC:SPX ratio pair, these two are also ones to watch to
see if the Financials Sector continues to lead the European and Chinese equity
markets higher and outperform their Indices in the process.
Further to my last weekly market update, this week's update will look at
graphs and charts for:
Very simply, you
can see from the following series of graphs depicting percentage
gained/lost for the past week, and the corresponding 1-Year
Daily chartgrids, that they all ended the week higher, with the
exception of Japan's Nikkei Index, the Agriculture ETF (DBA), the U.S. $, and
30-Year Bonds.
The Year-to-date Daily chart below shows the percentages gained
in 2012 for the S&P 500 Index, the Emerging Markets ETF
(EEM), the Commodities ETF (DBC), and the
Agricultural ETF (DBA).
So far, the SPX has
outperformed, with a gain of 12%, followed by DBA and DBC tied at just under 4%,
and EEM with a gain of just under 3%.
The U.S. National Debt has now surpassed
the 16 Trillion Dollar mark. That translates into $140,017 debt per
taxpayer…and increasing every minute.
This is the result of your
taxpayers dollars hard at work to support a Congress/Senate that does nothing
about it. What is being done about it?…Mr. Bernanke is thinking of
adding more debt in the way of stimulus to assist the markets.
Good for the economy?…how can it be, particularly with the rest of the world
economies slowing down?…he'd have to fund the rest of the world, too. Will it
solve the debt crisis?…how can it? This seems like a recipe for disaster, does
it not?
Get your checkbooks out and be ready to pay when asked…
