Plus a few other charts for evening reading...

Regards - VHF

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Silver Futures (SI) Seasonal Chart

Gold added $30 U.S. (2.3%) last week. Short term momentum indicators have changed from overbought to neutral. Gold has a history of recovering near the beginning of November and moving higher until the end of December.

Gold Futures (GC) Seasonal Chart

The TSX Gold Index added 3.6% last week. More than all the gain was recorded on Friday. Stochastics briefly reached an oversold level early last week and started to recover. MACD and RSI currently are neutral. The five week correction in gold stocks likely has ended.

Silver gained $1.45 per ounce (6.3%) last week. Short term momentum indicators have moved from overbought to neutral. Seasonal influences turn positive in November.

Platinum added $28 (1.7%) last week. Short term momentum indicators have moved from overbought to neutral.

Copper slipped 6.4 cents (1.7%) last week. Short term momentum indicators are overbought and trending lower.

The grain ETN added another $1.89 (4.0%) last week to reach a new high. Short term momentum indicators are overbought, but continue to trend higher. ‘Tis the season for grain prices and agriculture stocks to move higher!

The CRB Index added 3.44 points (1.2%) last week thanks mainly to strength in gold and silver on Friday. Momentum in the Index continues to slow. Short term momentum indicators are overbought and have peaked.

Crude oil slipped $0.24 per barrel last week. Resistance has formed at $84.62. Short term momentum indicators have peaked at overbought levels and are trending down. ‘Tis the season for crude oil to move lower.

Crude Oil Futures (CL) Seasonal Chart

Gasoline was unchanged last week. Short term momentum indicators continue to trend lower from overbought levels.

Natural gas added $0.43 per MBcf (11.9%) last week. Momentum indicators are recovering from oversold levels. Gas moved above its 50 day MA on Friday.

The U.S. Dollar slipped 0.29 last week. Importance of the outside reversal on October 15th remains intact. Support is developing at 76.14. Short term momentum indicators continue to recover from oversold levels. Short term upside potential is to the breakdown level and its 50 day moving average near 80. Intermediate trend remains down.

The Euro slipped 0.10 last week. Significance of the outside reversal on October 15th remains intact. Short term momentum indicators have peaked and are trending lower. However, signs of bottoming have yet to surface. Short term downside risk is to the top of its previous trading range and its 50 day moving average near 133.50.

The Canadian Dollar added 0.68 cents U.S. last week. Resistance is forming at 100.10. Support is near 93.00. Short term momentum indicators continue to trend down.

The S&P 500 Index added 0.18 (0.02%) last week. Intermediate trend remains up. Support is at 1,039.70. Resistance is at 1,219.80. Short term momentum indicators are overbought, have rolled over and are trending lower. The Index remains well above its 50 and 200 day moving average. Intermediate downside risk during a correction is to its 50 day moving average currently at 1,132.47.

The Dow Jones Industrial Average slipped 14.07 points (0.13%) last week. Intermediate trend remain up. Support is at 9.936.62. Resistance at 11,258.01 was unsuccessfully tested last week. The Average is well above its 50 and 200 day moving averages. Short term momentum indicators are overbought, have peaked and are trending lower. Strength relative to the S&P 500 Index remains mixed. Intermediate downside risk during a correction is to its 50 day moving average currently at 10,702.86.

The TSX Composite Index added 75.06 points (0.60%) last week. Intermediate trend remains up. Support is at 11,065.53. Resistance may be forming at 12,710.19. The Index remains above its 50 and 200 day moving averages. Short term momentum indicators are overbought, have peaked and are trending down. Strength relative to the S&P 500 Index is mixed. Intermediate downside risk during a correction is to its 50 day moving average currently at 12,250.57.

The yield on 10 year Treasuries added 5 basis points last week. Three month trading range is from 2.33% to 2.83%. Momentum indicators are moving higher.

The Baltic Dry Index slipped 49 points (1.8%) and remains in a 3 month trading range.

The Volatility Index gained 12.9% last week. Short term momentum indicators are recovering from oversold levels.