Crude oil just posted its best month ever after suffering its worst month ever, not that long ago. Crude oil in the July contract posted a monthly gain of +57%! Yes, you read that right, +57%, pushing the price of oil above $35 a barrel. It wasn’t all that long ago that many traders learned that oil and futures could indeed trade in negative territory. Quite a turnaround, but will it continue?
As for stocks, the major indexes ended the week mixed on a daily level after President Donald Trump signaled no changes to the trade deal with China despite rising tensions in his Friday afternoon press conference form the White House rose garden. But on a weekly level, all three indexes posted weekly gains. The S&P 500 gained +3%, the DOW +3.7%, and the NASDAQ had a weekly increase of +1.7%.
As for May, all three indexes had gained more than +4% with the NASDAQ leading the way gaining +6.7%. The S&P 500 checks in with a gain of +4.5% and the DOW rose +4.2%.
On a weekly level, crude oil gained +5.5%, gold finished the week with a minor loss of -.45% as it’s been unable to maintain it’s upward momentum with back to back weekly losses. The US dollar has also failed to impress losing -1.4% on the week and, like gold, posted back to back weekly losses.
Bitcoin seems to be stuck in the mud, failing to breakout above $10,000. But it will pst weekly gain of roughly +2%.
Key Levels To Watch Next Week: