Monday Morning Chartology---7/29/13

The Morning Call

7/29/13

The Market

           

    Technical

       Monday Morning Chartology

            The S&P remains within all major uptrends.  Further, the May 22 high (1687) continues to provide support as the S&P has traded several times below that level intraday but bounced to close above it.

            GLD is on a very short term uptrend; but remains within its short and intermediate term downtrends.

            The VIX is nearing the lower boundary of its short term trading range and remains within its intermediate term downtrend.

            If you haven’t been watching the Nikkei (short):

            http://www.zerohedge.com/news/2013-07-28/nikkei-drops-1000-points-3-days-jpy-strongest-month

            Update on ’the best stock market indicator ever’

            http://advisorperspectives.com/dshort/guest/Carlucci-Short-Update.php

    Fundamental

    

            Another update on second quarter S&P ‘beat’ rate (short):

            http://www.zerohedge.com/news/2013-07-26/visualizing-real-economy-vs-financial-economy

   News on Stocks in Our Portfolios

AbbVie (ABBV): Q2 EPS of $0.82 beats by $0.03. Revenue of $4.69B beats by $0.15B.

 

Economics

   This Week’s Data

   Other

            Lance Roberts on the housing recovery (medium and a must read):

            http://www.zerohedge.com/news/2013-07-26/guest-post-housing-it-really-recovering

Politics

  Domestic

  International War Against Radical Islam

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