The Morning Call
2/23/15
The Market
Technical
Monday Morning Chartology
The
S&P had a great week. It ended above
its 50 day moving average, above its mid-December high and above the upper boundary
of its long term uptrend for the fourth day.
A close above that boundary today will confirm the break. Remember that the Dow has to be in sync to
change the overall trend and it still has 700 points on the upside to go.
The
long Treasury’s chart remains a bit damaged.
TLT closed the week below its 50 day moving average, below the lower boundary
of its short term uptrend (the break will be confirmed at the Market close
today if it finishes below that boundary) and within a very short term
downtrend. Still it is solidly within
both intermediate and long term uptrends which is a plus for bond investors.
GLD
finished right on the lower boundary of its short term uptrend. A close below that level with result in the
sale of the remainder of our Portfolios holdings. However, a bounce may prompt me to reinvest
the funds Sold at the Stop Loss Price (the short horizontal purple line). GLD also ended below its 50 day moving
average, within its intermediate term trading range and within a very short
term downtrend.
The
VIX sold off last week, reflecting improving stock prices. It is now below its 50 day moving average,
within a short term trading range and an intermediate term downtrend.
Fundamental
I
have spent a good deal of time in these pages noodling over whether a decline
in oil prices is good or bad for the economy.
This author reverses the process and speculates about whether lower oil
prices are a signal of what is happening in the economy (medium):
The recently announced EU
QE is set to start in March; the ECB problem is apt to be finding sellers
(medium):
Investing for Survival
Three
important investing rules (medium):
News on Stocks in Our Portfolios
Economics
This Week’s Data
The
January Chicago National Activity Index came in at .13 versus expectations of
.15; the December reading was revised down.
Other
Baltic
Dry Index at new lows; third dry shipper goes bankrupt (short):
Politics
Domestic
International War Against Radical Islam
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