Monday, September 14, 2015

Monday Morning Chartology

The Morning Call

9/14/15

This week kicks off a busy fall for me.  On Thursday, we are heading for California for one last beach weekend.  So no Thursday/Friday Morning Calls or Closing Bell.  Next week, our daughter moves and we are helping.  I am not sure how much time I will be away.  October 10 is Texas/OU weekend; so no Friday Morning Call and Closing Bell.  October 23 is my pledge class reunion; no Closing Bell.  October 30, we are visiting friends in Santa Fe; no Friday Morning Call or Closing Bell.  As always I will have my computer with me; so if action is required, I will communicate via a Subscriber Alert.

The Market
         
    Technical

       Monday Morning Chartology

            You can clearly see the two trading zones that the S&P finds itself in (1) long term bounded by the lower boundary of the S&P’s intermediate term uptrend [slanted purple line] and the upper boundary of its short term downtrend [upper brown line] and (2) the 1970 short term upper boundary [horizontal purple line] and the trend of successive higher low [green line].  I am just watching from a sign of directionality.  That said, my bottom line is still that as long as the S&P remains above the lower boundary of its intermediate term uptrend it is experiencing just a correction in a bull market.

            This Friday is a quadruple witching expiration; what to expect. (short):



            The long Treasury continues to struggle for direction, trading within both a short and intermediate term trading range.  The sellers are a combo of foreign central banks liquidating their FX reserves and investors thinking that the economy is getting stronger and/or the Fed is going to hike rates this week.  The buyers are those looking for safety from the possibility of repercussions from a global slowdown/deflation.



            GLD’s chart remains abysmal.  It is in downtrends in all timeframes.  The green line is the five year low.  If it can withstand another test, we may be able to say that bottom has been made.



            The VIX closed above its 100 day moving average, within a short term uptrend and an intermediate term trading range.  As long as stays above the 22.50 level (the horizontal black line) uncertainty remains high.



    Fundamental
   
        
    News on Stocks in Our Portfolios
 
Economics

   This Week’s Data

   Other

            Update on median household income (medium):

            Truck tonnage and railcar loadings are rising (short):
           
Politics

  Domestic

  International War Against Radical Islam







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