Wk7: Market Recap

17 Feb

In week 7 we saw more sideways action with candles lining up same sized bodies on the weekly chart of the S/P. Once again the mixed internals confirm this. Gold is moving once again so keep that on your radar in weeks to come.
The VIX is still in its triangle formation on the dailies, holding in the 40s. Oil continues to decline, ranging in the mid to upper 30s. It’s the speeches given by political and corporate officials have had a really touchy effect on the market. Often times what is said is more important than the actual number released. Keep that in mind when trading around economic news and announcements, pay especially close attention to what is said by president Obama and his staff.

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