Monday, August 19, 2013

Monday Morning Chartology--8/19/13

The Morning Call


I am back for a week, then take off next Wednesday for Labor Day.

The Market

      Monday Morning Chartology

            The S&P is clearly in a correction though it remains well within the boundaries of its short term uptrend.  On the negative side, it did struggle with the 1687 level and ultimately failed to hold it.  Also note the head and shoulders top.  It is a relatively small formation so does not suggest a major downturn.

            GLD had a good week.  It broke through the upper boundary of a very short term trading range and re-set to an uptrend.  For the moment, the chart has improved; but it is going to take a bit more work before I feel comfortable re-establishing a position.

            The VIX continues to trade somewhat erratically and provides on information on Market direction.

            I thought that a look at the not very encouraging long Treasury chart would be helpful.  I think that this suggests that the bond market thinks that tapering is imminent.

            Update on ‘the best stock market indicator ever’:

            The cure for the toll inflation is about to take on retirement accounts (medium):

            The latest from Lance Roberts (medium):

      News on Stocks in Our Portfolios

   This Week’s Data





            Overnight, Japanese exports surged as a result of the weak yen; and Spain’s bank bad loan ratio hit a record high.

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

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