It could be a volatile week with options expiry, U.S. Thanksgiving, and magical USD bounces.

Regards - VHF

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Gold dropped $15.40 U.S. per ounce last week. It is trying to bounce from its 50 day moving average. Short term momentum indicators are trending lower. Stochastics already are oversold.

Ditto for the TSX Global Gold Index! It slipped 3 points last week. Intermediate trend is up. The Index is bouncing from its 50 day moving average.

Silver added $1.25 (4.80%) last week. Strength relative to gold remains positive. Nice bounce from the top of a previous trading range. Stochastics may be trying to recover from a slightly oversold level.

Platinum slipped $15 U.S. per ounce. Short term momentum indicators are trending lower. Stochastics already are oversold and trying to bottom.

Copper lost 5.55 cents U.S. per lb. last week. It also bounced from near its 50 day moving average when the U.S. Dollar came under pressure late last week.

The CRB Index fell 4.71 points (1.55%) last week. However, the Index is showing early signs of bouncing from its 50 day moving average. Short term momentum indicators are trending lower. Stochastics already are oversold.

Crude Oil dropped $3.12 U.S. per barrel (3.67%) last week. Short term momentum indicators are trending lower. Stochastics already are oversold.

Unleaded gasoline lost $0.04 per gallon (1.83%) last week. Resistance near $2.19 appears formidable. Short term momentum indicators continue to trend lower

Natural gas gained $0.39 per MBtu (10.1%) last week. It currently is testing its 200 day moving average. Short term momentum indicators are recovering from oversold levels. Colder weather in western Canada and mid-west U.S. is having an impact.

The grain ETF fell $1.79 (3.8%) last week. It has dropped to its 50 day moving average where support is likely. Short term momentum indicators are trending lower. Stochastics already are oversold.

The U.S. Dollar moved from 78.10 to 79.46 by mid week, but came under pressure late in the week to close 0.40 higher. Intermediate trend remains down. MACD and RSI continue to trend higher. Stochastics are overbought and showing early signs of rolling over.

The Euro was virtually unchanged last week after recovering from a low of 134.57. The recovery came near the top of a previous trading range. Intermediate trend remains up. MACD and RSI continue to trend lower. Stochastics are oversold and showing early signs of bottoming.

The Canadian Dollar slipped 0.85 cents U.S. last week. It fell below its 50 day moving average. Short term momentum indicators are trending lower. Stochastics already are oversold. Support remains near 93 cents U.S. Resistance remains at 100.18 cents U.S.

The S&P 500 Index added 0.52 (0.04%) last week. Intermediate trend is up. The Index is bouncing from just above its 50 day moving average. MACD and RSI are trending lower from overbought levels. Stochastics already are short term oversold and showing early signs of bottoming.

The Dow Jones Industrial Average added 10.97 points (0.10%) last week. Intermediate trend is up. The Average is bouncing from near its 50 day moving average. RSI and MACD continue to trend lower. Stochastics already are short term oversold and showing early signs of trying to bottom. Strength relative to the S&P 500 Index remains negative.

The TSX Composite Index gained 207.09 points (1.62%) last week. Intermediate trend remains up. The Index bounced off its 50 day moving average. MACD and RSI are trending lower. Stochastics may be trying to bottom. Strength relative to the S&P 500 Index may be changing from negative to neutral.

Quantitative Easing II is off to a rocky start! Despite Federal Reserve purchases of short term Treasuries, the yield on 10 year treasuries rose sharply again last week. Yield increased another 12 basis points, broke above resistance at 2.83% and reached a three month high. Short term momentum indicators continue to recover from oversold levels and have yet to show signs of peaking.

Conversely, the long term Treasury ETF slipped another $0.22. Intermediate trend remains down. Short term momentum indicators are trending lower. Stochastics are oversold and showing signs of bottoming.

The Baltic Dry Index fell another 158 points (6.8%) last week. The “canary in the coal mine” for international trade is looking kind of weak. Not a good sign! Will central banks place currency controls on their currency or will international government initiate import restrictions? The answer likely is “Not now, but if the U.S. Dollar resumes its downtrend, look out”!

The VIX Index dropped 12.5% last week. The Index briefly broke support at 17.90% on Friday.