Week’s Best Performer: WTI Crude Oil +9.7%
Week’s Worst Performer: Shanghai Composite (2.2%)
Broader Market Commentary:
The overall broader market continues to churn higher, and is now breaching that pivotal 2,000 threshold on the S&P 500, which would catapult the S&P 500 into its higher 100-point trading range (2,000-2,100). While euphoria seemingly has returned to the markets, the Lumber-Gold relative performance chart continues to signal caution, and the head and shoulders technical pattern is still reason to tread lightly. In fact, if the S&P does not convincingly hold about this critical 2,000 mark, and closes next week below on high volume, we could see the beginnings of another massive sell-off. Obviously, Janet Yellen will have something to say about this. A rate hike next week would almost guarantee we head back towards the 1,800 support level, while any magnified dovishness out of the Fed could solidify the market’s recent rise.