I am back for a week, then take off next Wednesday for Labor Day.
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
bank bad loan ratio hit a record high.