The Chapman Report

This week

• Stock markets falter. The S&P falls for the 3rd consecutive week.
• Cycles point to a rebound that should start this week and topping later in the month. But we acknowledge that other cycles remain bullish into September/October.
• July tends to be a positive month.
• Bonds are at resistance spurred upwards the past couple of weeks by weaker economic numbers (unexpected decline of 467 thousand jobs for the non-farm payroll.
• The US$ exhibited strength and as a result gold faltered.
• But gold and silver are entering their potential best season although silver can remain weak until August.
• Gold is also exhibiting a potential huge head and shoulders bottom reversal pattern. Very bullish if realized.
• Oil prices faltered and Natural Gas broke downward. Still NG appears to be making a larger bottoming pattern.

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