Monday, February 9, 2015

Monday Morning Chartology

The Morning Call


The Market

       Monday Morning Chartology

            The S&P closed within uptrends across all timeframes, above its 50 day moving and above the downtrend off the December highs for the second day, thereby negating that resistance level.  The only fly in last week’s ointment was the tendency for price advances to take place on low volume days and declines on higher volume days.  The next stop is the December highs (2080).

            The long Treasury was hammered last week---not particularly unexpected given the recent moonshot.  Indeed, it remains in uptrends across all timeframes and above its 50 day moving average.  Notice though that it is bearing down on that average.  At the moment, my focus is on where TLT finds price stability.

            GLD was also bashed again, but with much more technical damage than the TLT.  It blew through the 131.3 level like it wasn’t there.  Still it closed within its short term uptrend and intermediate term trading range.  Nevertheless, our Portfolios cut their position by one half with the violation of the 131.3 Stop Loss level.

            Oil has been in the headlines every day for the last six months as it plunged to ever lower lows.  Recently, it looks like it is trying put in a bottom; but more work needs to be done to have an assurance.  Remember, it seemed clear GLD was making a low

            And for those hoping a bottom has been made, don’t count your chickens….(medium):

            The VIX was off slightly, ending within its short term trading range and the intermediate term downtrend and right on its 50 day moving average.


(1)   Greek PM says (1) Greece will roll back austerity measures and (2) it won’t ask for an extension of bailout funds

And (must read):

(2)   January Chinese exports fell 3.3% year over year,

(3)   Merkel pushing Putin to agree to roadmap for peace in Ukraine,

(4)   The justice department in investigating additional charges against Barclay’s for foreign exchange fraud; and HSBC admitted to assisting customers avoid taxes and conceal assets.

            The latest from Gary Shilling (medium):

            Update on fourth quarter corporate earnings (short):

      Investing for Survival

            Financial problems in your head (medium):

      News on Stocks in Our Portfolios

   This Week’s Data




  International War Against Radical Islam

            Obama gives away the farm to Iran (medium):

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