Equities posted a decline for the second week in a row since January, but risk assets remain attractive over the short and medium-term.  Momentum remains positive and pro-growth.

Gold is approaching a 4-year resistance level.  (see chart)  Unless geopolitical fears become a reality, gold’s recent upward surge is likely to soften.

On the economic front, US PPI Final Demand index rose 2.3% YoY, while the core PPI (excludes food and energy) rose 1.6% YoY.

Initial Jobless Claims fell to 234k from a revised 235k the week prior. Continuing claims fell to 2.028m from a revised 2.035m the previous week.

The CPI declined 0.30% to 2.4% while the Core CPI, which excludes food and energy, fell -.10% to 2.00%.