The S&P remains solidly in uptrends. The lack of volatility in the backing and filling last week was a bull’s dream. I can still see no reason that the upper boundary of its long term uptrend won’t be challenged.
Update on margin debt:
The long Treasury stabilized last week after a rough period. As you can see, it bounced off a key Fibonacci level and remains well above its 100 day moving average and within uptrends across all timeframes.
GLD attempted to stabilize last week; though it was not a successful as TLT. It did hold the lower boundary of its very short term uptrend. So for the moment, all is well.
Last week, the VIX reset its short term trend from a trading range to a downtrend, then challenged that reset the following day and finally, traded back off on Friday, seemingly reconfirming the reset to a downtrend
This week will witness the number of S&P earnings reports. Plus the Bank of Japan meets.
***overnight, June Japanese exports fell 7.4% and imports dropped 18.8%, though they were better than expected; July German business sentiment declined less than anticipated.
The latest from Doug Kass (medium):
Do the central banks have the will to undo their mistakes (medium and a must read):
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This Week’s Data
Portuguese banks line up behind their Italian counterparts for bank bailout (medium):
Pat Buchanan’s thoughts on Trump (short):
Quote of the day (short):
International War Against Radical Islam
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