Monday Morning Chartology-5/13/1/3

The Morning Call

5/13/13

The Market

           

    Technical

       Monday Morning Chartology

            What do you say about a Market that doesn’t go down?

            GLD continues within its intermediate term downtrend---with no indication that it has hit bottom.  The good news is that it remains above the lower boundary of its long term uptrend.

            The VIX remains within its short and intermediate term downtrends.  However, notice its proximity to the lower boundary of its long term trading range (blue line).

            Update on ‘the best stock market indicator ever’:

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

    Fundamental

    

            Over the weekend, John Hilsenrath of the WSJ wrote a piece on the Fed’s strategy for winding down QEInfinity.  Below is the article as well as some analysis.  This will likely be the headline item for today:

            http://www.zerohedge.com/news/2013-05-12/annotated-hilsenrath

            Central banks gone wild (short):

            http://blog.yardeni.com/2013/05/central-banks-gone-wild-excerpt.html

            Monday morning humor (short):

            http://www.thereformedbroker.com/2013/05/10/good-news-for-your-retirement/     

    News on Stocks in Our Portfolios

 
Medivation (MDVN): Q1 EPS of -$0.36 beats by $0.02. Revenue of $46.15M beats by $7.61M.

Economics

   This Week’s Data

            April retail sales rose 0.1% versus expectations of -0.3%; ex autos and gas, they increased 0.6% versus estimates of +0.4%

   Other

            Update on Macro markets risk index (short):

            http://www.capitalspectator.com/archives/2013/05/macromarkets_ri_4.html#more

            The CEO of Saxo Bank on the EU (medium):

            http://www.zerohedge.com/news/2013-05-12/saxo-bank-ceo-eurozone-minefield-crisis-will-not-pass

Politics

  Domestic

Quote of the day:

http://www.clubforgrowth.org/perm/?postID=16129

  International War Against Radical Islam

            Bad faith and Benghazi (medium):

            http://www.nationalreview.com/article/347912/bad-faith-and-benghazi

            More details on Benghazi (medium):

            http://www.weeklystandard.com/articles/benghazi-scandal-grows_722032.html

            Ode to Hillary (short):

            http://www.powerlineblog.com/archives/2013/05/invitation-a-benghazigate-poem.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