July 1, 2013
Weekly Market Outlook
By Keith Schneider
This Friday marked the end of one of the best ½ year gains since 1998, however “caveat emptor”, as the month of June was a down month, and Friday’s last minute dump to new intraday lows adds a bit more strength to the bear case, reminding us of the confirmed warning phase in the S&P. Money has certainly fled the equity markets, gold, and bonds as treasury rates have reached level not seen since the summer of 2011. The transition from more Fed easing to possibly none has caught the biggest Hedge Fund off-guard including including Ray Dalio’s Bridgewater which is down almost 9% this year.
This week’s landmark decision by the Supreme Court legalized same sex marriage. We have finally caught up to 20 other western countries including the Netherlands where this has been in effect for almost 13 years. In a week where stocks waffled the retail sector (XRT) held firm. We are thinking more weddings, household goods, and vacations so the retail sector could certainly see more upside.
Precious Metals action was noteworthy on Friday and the sector might have bottomed, with silver and mining companies outperforming gold bullion for the first time in a meaningful way since mid -May which lends credence to a tradable rally.
Check out this week’s video as we review the big picture in Bonds, Metals and the US Equities market.
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