Better than expected Home Sales data out of the States on Friday helped the markets end the week in positive fashion with the Dow up 155 points to 9505.96, the S&P up 18.76 to 1026.13 and the FTSE up at 4850.89.
With significant resistance levels having been broken, traders will be keeping a close eye at the next possible levels.
Can the Dow break 10,000 and the FTSE 5,000?
Brent Crude recovered from sharp falls in the previous week - and lows of below $70 on Monday and Tuesday - to eventually rise back above the $74 a barrel level by the end of the week.
Gold followed a similar pattern, seeing a difficult start to the week and falling to lows of below $935 an ounce before recovering to end the week just above $953 an ounce.
In the Forex Spread Betting markets the pound saw a strong start to the week against the dollar, rising from lows of $1.6277 to highs of $1.6595 on Tuesday. However, news that the Bank of England had tried to increase the level of its Quantitative Easing policy plus public borrowing figures showing a record deficit for July saw sterling fall back to close at $1.6487.
The euro closed at $1.4336 against the dollar on Friday after earlier hitting lows of $1.4048.
The Week Ahead
Tomorrow's (Tuesday's) US consumer confidence figures will give an indication of whether the economy is taking tentative steps out of recession. Indications over the health of the UK economy will be gauged by Q2 GDP figures out on Friday.
Home builders Bovis and Persimmon are releasing trading updates.
The above comments do not constitute investment advice and neither Spreadex nor Clean Financial accept any responsibility for any use that may be made of them.
Spreadex » "With Spreadex you get all the normal advantages
of Spread Betting plus iPhone apps, 24 hour trading, charts..." » read Spreadex review.
Spread betting carries a high level of risk to your capital and can result in losses larger than your initial deposit/stake. It may not be suitable for everyone, so please ensure you fully understand the risks involved.
Article provided / approved by Spreadex Ltd which is authorised and regulated by the Financial Services Authority (FSA), FSA Register number 190941.
'Spread Bets Weekly Trading Update' edited by DB, updated 24-Aug-09
Spread Betting Weekly, updated 22-Feb-10
Crude oil futures fell on Friday for an eighth straight session, the longest losing streak in more than six years. This came after better-than-expected...read article: Spread Betting Weekly.
Risk Warning: Spread betting and CFD trading carry a high level of risk to your capital and you may lose more than your initial investment. Spread betting and CFD trading may not be suitable for all investors. Only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved and seek independent financial advice where necessary.
The contents on CleanFinancial.com are for information purposes only and are not intended as a recommendation to trade. Nothing on this website should be construed as investment advice.
Neither CleanFinancial.com nor any contributing company/author accept any responsibility for any use that may be made of the above or for the correctness or accuracy of the information provided.
* Tax law is subject to change or may differ if you pay tax in a jurisdiction other than the UK.