Monday Morning Chartology

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The Morning Call

2/19/13

The Market

           

    Technical

      Tuesday Morning Chartology

The S&P continues to track the upper boundary of its short term uptrend.  This keeps the trend your friend and leaves 1576 as a reasonable price objective.

           

GLD clearly broke below the near in price support and did so to the extent that it fulfilled the distance element of our time and distance discipline.  Good bye---at least for now.

           

The VIX (12.50) is firmly within its intermediate term downtrend.  However, it is nearing its all time low (9.50) which suggests a good deal of complacency.

           

            Update on ‘the best stock market indicator ever’

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

    Fundamental

    

            Update on fourth quarter earnings and revenue ‘beat’ rate:

            http://www.bespokeinvest.com/thinkbig/2013/2/15/q4-earnings-and-revenue-beat-rates.html

            The growing risk on the Fed’s balance sheet (medium and today’s must read):

            http://www.zerohedge.com/news/2013-02-19/feds-d-rate-45-dec-31-2013-and-dropping-fast

            Elizabeth Warren (who is not my favorite politician) takes the regulators to task for letting the big banks off easy (four minute video and a must watch):

            http://www.zerohedge.com/news/2013-02-18/video-day-regulators-squirm-when-asked-about-too-big-jail

            Great explanation of why investors continue to buy bonds (medium):

            http://www.zerohedge.com/news/2013-02-18/real-reason-boomers-buy-bonds

            Spanish debt at record levels (short):

            http://advisorperspectives.com/dshort/guest/Shedlock-130217-Spanish-Debt.php

Steve Cook received his education in investments from Harvard, where he earned an MBA, New York University, where he did post graduate work in economics and financial analysis and the CFA Institute, where he earned the Chartered Financial Analysts designation in 1973. His 40 years of investment experience includes institutional portfolio management at Scudder, Stevens and Clark and Bear Stearns. Steve's goal at Strategic Stock Investments is to help other investors build wealth and benefit from the investing lessons he learned the hard way.