The Morning Call--Monday Morning Chartology

The Morning Call

12/17/12

The Market

           

    Technical

       Monday Morning Chartology

           The S&P failed to successfully challenge the upper boundary of its short term trading range (1348-1424); hence, it is remains within that trading range as well as the three week old very tight short term trading range (1395-1424).  Also, on a short term basis, you can see that it has fallen below a short term uptrend line and is now sitting right on its 50 day moving average (wiggly red line).  It remains solidly within its intermediate term uptrend.

 

            GLD remains (1) below its 50 day moving average [wiggly red line], (2) above the lower boundaries of its short term uptrend [brown line] and its intermediate term trading range [purple line] and (3) in a narrowing pennant formation [black lines].

            The VIX finished the week above its 50 day moving average (wiggly red line--and a negative for stocks) and in the narrowing zone between the upper boundary of its short term downtrend and the lower boundary of its intermediate term trading range.

            Update on ‘the best stock market indicator ever’:

            http://advisorperspectives.com/dshort/guest/John-Carlucci-Best-Indicator-Ever-Update.php

            A couple more charts that you should look at (short):

            http://www.zerohedge.com/news/2012-12-16/guest-post-two-charts-you-should-see-risking-dime-market-2013

            One more chart for you to contemplate this morning (short):

            http://www.zerohedge.com/news/2012-12-16/getting-bottom-it-all

    Fundamental

    

            More analysis of Fed policy (medium):

            http://www.zerohedge.com/news/2012-12-16/jp-morgan-admits-qe-will-offset-almost-all-next-year%E2%80%99s-government-deficit

            Policies of a desperate government (medium):

            http://www.zerohedge.com/news/2012-12-16/us-killing-global-economy

            News on Stocks in Our Portfolios

 

Economics

   This Week’s Data

            The December New York Fed manufacturing index came in at -8.1 versus expectation of 0.0.

   Other

Politics

  Domestic

The right to work dilemma (medium):

http://www.washingtonpost.com/opinions/charles-krauthammer-the-right-to-work-dilemma/2012/12/13/28e2ce2c-4567-11e2-8061-253bccfc7532_story.html

            Are US citizens ‘under represented’? (short):

            http://www.zerohedge.com/news/2012-12-14/under-represented-american-citizen

           

  International War Against Radical Islam