Monday Morning Chartology---4/29/13

The Morning Call

4/29/13

The Market

           

    Technical

      Monday Morning ChartologyThe S&P remains in all major uptrends and finished the week above its prior all time high (1576) for the fourth day.  A close tonight over 1576 will confirm the break.  In addition, that developing head and shoulders pattern has been virtually nullified.

           

            GLD rallied last week, recovering above the lower boundary of a newly re-set intermediate term downtrend.  It remains below the lower boundary of its short term downtrend and above the lower boundary of its long term uptrend,

            http://www.zerohedge.com/news/2013-04-26/if-reflections-precious-metals

            VIX continues its directionless wandering.  It is trading within two downtrends (short and intermediate term); but it is also near its historic low.  If stocks are going to make a new high, one might think that the VIX will see a new low.

            Update on ‘the best stock market indicator ever’:

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

    Fundamental

    

            The Market at a glance (short):

            http://blog.stocktradersalmanac.com/post/Market-at-a-Glance-DIA-SPY-QQQ-042613

            The short supply of assets (short):

            http://pragcap.com/the-short-supply-of-assets

            Update on this quarter’s earnings and revenue ‘beat’ rates (short):

            http://www.bespokeinvest.com/thinkbig/2013/4/26/earnings-and-revenue-beat-rates-by-quarter.html

                The Fed and economic growth (medium and today’s must read):

            http://www.zerohedge.com/news/2013-04-28/how-fed-holds-2-trillion-and-rising-us-gdp-hostage

               

            The latest from Greece (or what’s left of it):

            http://www.zerohedge.com/news/2013-04-28/it-gets-its-latest-european-lifeline-life-greece-about-get-even-harder

            And Italy (medium):

            http://www.zerohedge.com/news/2013-04-28/what-italian-banks-can-learn-spains-bad-loan-devastation

     News on Stocks in Our Portfolios courtesy of Seeking Alpha

Chevron (CVX): Q1 EPS of $3.18 beats by $0.11. Revenue of $56.8B misses by $10.07B.

AbbVie (ABBV): Q1 EPS of $0.68 beats by $0.02. Revenue of $4.32B (+3.7% Y/Y).

V.F. Corp (VFC): Q1 EPS of $2.43 beats by $0.24. Revenue of $2.6B (+2% Y/Y) misses by $0.04B.

Altera (ALTR): Q1 EPS of $0.37 beats by $0.05. Revenue of $410.5M (+7% Y/Y) misses by $3.25M.

 

Economics

   This Week’s Data

            EU personal income experiences record drop:

            http://www.zerohedge.com/news/2013-04-29/euro-area-savings-rate-drops-record-low-disposable-income-has-biggest-drop-ever

   Other

            Reinhart and Rogoff on the Reinhart/Rogoff debate (medium):

            http://www.nytimes.com/2013/04/26/opinion/debt-growth-and-the-austerity-debate.html?pagewanted=all&_r=1&

            More on the Reinhart/Rogoff debate (medium):

            http://www.zerohedge.com/news/2013-04-28/monetary-cranks-bureaucratic-meddlers-and-reinhart-rogoff-faux-pas

            The latest on the student loan bubble ( a must read):

            http://www.zerohedge.com/news/2013-04-29/student-loan-bubble-cracks-pulled-sallie-mae-bond-deal

Politics

  Domestic

Eric Holder on immigration (short):

http://www.powerlineblog.com/archives/2013/04/for-holder-amnesty-is-a-civil-right.php

  International War Against Radical Islam

            Investigative points on the Boston Marathon numbers (medium/long):

            http://www.weeklystandard.com/author/stephen-f.-hayes

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