The Morning Call
The Market
Technical
Tuesday Morning Chartology
There
is nothing wrong with this chart. All
major uptrends are in tact. After
Wednesday shellacking, the ‘buy the dippers’ showed up on schedule and the
S&P held fairly steady. Until the
‘buy the dip’ mentality gets penalized badly, this phenomenon is going to
continue.
Double
bottom? It is tempting to assume that
given its proximity to the lower boundary of GLD’s long term uptrend. I would prefer it to break at least one of
those very short term downtrends (black lines) before jumping back in.
Is
the VIX also building a bottom? As with
GLD, it is close enough to the lower boundary of its long term trading range to
speculate that that is the case. If I
were a trader and if the VIX broke the upper boundary of its short term
downtrend, it would be a tempting bet.
Update
on ‘the best stock market indicator ever’:
Update on margin debt
(short and today’s must read):
Fundamental
News on
Stocks in Our Portfolios
Economics
This Week’s Data
Other
German cap ex
declining (short):
Bernanke’s latest
casualty (medium):
The threat of
deflation is still present (short):
The Japanese
problem (short):
Politics
Domestic
International War Against Radical Islam
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