For
the week,
the main stock market
indices were positive, with the S&P500 recovering and ending unchanged, and the NASDAQ
100 up by 0.4%. After three weeks of consecutive declines, and after a “black” Monday on
the markets worldwide, the stock market indices rebounded. The Japanese
carry trade and the over-reaction of traders were blamed for the
situation. However, it is unclear at this moment whether some sort of systemic worldwide financial crisis is brewing…

On a
weekly basis, gold fell 0.5% and is hovering close to all-time highs. It may test the 2500$ level in the
near term. Silver fell 3.8% and seems like its heading to 26$ per ounce level in the next weeks.

The barrel of WTI is up by 3.9% and
sits around 79$ per barrel. WTI
has been trading around 78 and on a range that is narrowing in amplitude. Thus, during August or September we
might see a bigger move either to the upside (above 82) or to the
downside (below 72). 

Bitcoin
fell heavily on Monday, but recovered 5% for the week. Bitcoin
continues on a downward trend with the next supports around 60000 and
52000$.

The
relative
strength of the US dollar (DXY) fell but recovered and ended unchanged for the week. If the
DXY continues falling, the next support should be around 101.

US M2 money supply and the national financial
conditions index (NFCI) have not been updated this week.

US

bond yields fell drastically this week, and now sit at 4.06% for the
2-year
and 3.94% for the 10-year. The yield curve remains inverted but is getting closer to uninversion.

Comment Section

The volatility in the markets is spiking, and the time for bargain shopping is not here yet. Several risks ranging from financial, recession, and geopolitical are present, thus extra care, risk management and liquidity are advised.

Take care, and good luck.