Richard's Thoughts on Moving Averages
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Today is the last day of the trading week, and one filled with "yes - but..." For example, most Asian markets were down today - but up for the week. European stock markets' version was: down for the day - but the biggest weekly gain in over a year. In the US, the story is down a bit today (minus 22 on the Dow), but the best week in over three months.
The theme even extends to Treasury yields, down for the biggest decline in a week. And the dollar completed the biggest three-week drop in over two years, as investors shifted into "safe haven" currencies, such as the yen. Since when is the U.S. dollar not the safe haven, but the yen is? Ah - fickle markets.
Oil was down today, but up on the week. And the precious metals - down today, as well as down for the week.
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