The Morning Call
The Market
Technical
Monday Morning Chartology
The
S&P (1428) was down again Friday. It
has now negated the 1442 support level.
Friday was the first day to break the lower boundary of its short term
uptrend (1434-1526). Our time and
distance discipline is now operative.
Other support exists in the current vicinity: (1) the former resistance
now support level of 1422 and (2) the 50 day moving average (1427---the wiggly
red line). It is likely that 1434, 1427
and 1422 will all act in concert and the S&P will either hold them all or
bust through them all.
GLD
(170.0) appears to be consolidating. As
long as it holds the 168.4 level (black line), this consolidation will be under
control and not of concern. A break
would cause some heartburn.
Nevertheless, it remains well above the lower boundaries of its short
term uptrend and the intermediate term trading range.
ECB’s
Weidmann on gold (medium):
The
VIX is also consolidating near the lower end of its intermediate term trading
range and appears to be attempting to decisively break and hold above its 50
day moving average (wiggly red line). At the moment, I would rate this
indicator as a neutral. If it breaks
well above the 50 day moving average, it would be negative. A move above the upper boundary of its short
term downtrend would be really, really negative.
Update
on ‘the best stock market indicator ever’ (medium):
Fundamental
Why
America needs
to embrace the fiscal cliff (medium):
The
correlation between the ECRI and the S&P (medium):
News on Stocks in Our Portfolios
Economics
This Week’s Data
The
October New York Fed manufacturing index came in at -6.16 versus expectations
of -3.0 and September’s reading of -10.41.
September
retail sales were up 1.1% versus estimates of up 0.7%; ex autos, they were up
0.9% versus forecasts of up 0.5%
Other
Consumer
confidence (short):
Debt
and growth (medium):
The
problem with a bottomless pit of money (medium):
QEIII
has done little for housing (medium):
Politics
Domestic
International War Against Radical Islam
Tensions
mount between Turkey
and Syria
(medium):
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