The Morning Call
5/19/14
The Market
Technical
Monday Morning Chartology
The
S&P touched its all-time high and retreated, then touched its 50 day moving
average and bounced. Meanwhile, the DJIA
failed on heavy volume to hold above the upper boundaries of its short/intermediate
terms trading ranges; hence it remains in those trading ranges. It also touched its 50 day moving average and
bounced. Clearly, the bulls and bears
are in a major battle. All we can do is
wait for the outcome.
Update
on ‘the best stock market indicator ever’:
The
long Treasury has broken above the upper boundary of its intermediate term downtrend. If it remains above this resistance line by
the close Wednesday, the intermediate term trend will re-set to up.
More
discussion on the rationale for lower bond rates (medium):
GLD’s
chart is still not pretty. Notice that
it has made a series of lower highs and higher lows. Typically that means whichever trend line
that is broken, the momentum shifts in the direction of the break. The fact that GLD can’t get over its 50 day
moving average suggests the break will be to the downside.
The
VIX is once again toying with the lower boundary of its short term trading
range. A break below this support level
would be a plus for stocks.
Fundamental
Update
on big four economic indicators:
Second
and third quarter revenue and earnings expectations (medium):
Investors’
focus on ‘trash’ (medium):
News on Stocks in Our Portfolios
Economics
This Week’s Data
Other
Politics
Domestic
International
The
territorial dispute between China and Vietnam is heating up (medium):
Global
economic growth (short):
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