The dollar is down. Oil and copper are up. Gold and silver are up. Bonds are up.
The market is closed tomorrow, so it’s the last day of the week. If the S&P fails to post a 10.61-point gain, consecutive down weeks will be in place for the first time since the beginning of the year and for only the second time since prior to the election.
Bearish signals are mounting. Besides many weakening indicators, which have been pointing down side, individual groups are starting to lose key moving averages. Financials lost their 50 last month and are now not far from a 4-month low. Semiconductors lost their 50 two days ago. Energy remains below its 50, which it lost in January.
Be careful out there. Don’t be a hero. This is not a time to place big bets – you know this; I’ve said it numerous times the last few weeks.