Monday Morning Chartology

The Morning Call

10/21/13

The Market

           

    Technical

       Monday Morning Chartology

   

            Everything continues to come up roses for the stock market.  Certainly, no technical reason to believe infinity isn’t achievable. 

            The long Treasury is getting some lift; but it is too soon to think that it has seen a bottom.  It remains within its short term trading range and intermediate term downtrend.

            GLD touched the upper boundary of its very short term downtrend and didn’t have the strength to penetrate it.  It also remains below the upper boundaries of its short term and intermediate term downtrends.

            The VIX closed near the lower boundary of its short term trading range.  Trading below that boundary would be a positive for stocks.

            Update on ‘the best stock market indicator ever’:

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

    Fundamental

    

            Earnings and revenue ‘beat’ rates to date for the third quarter (short):

            http://www.bespokeinvest.com/thinkbig/2013/10/18/third-quarter-earnings-and-revenue-beat-rates.html   

      

            The latest from Stanley Druckenmiller (medium):

            http://www.zerohedge.com/news/2013-10-20/druckenmiller-blasts-obama-show-me-when-you-initiated-budget-discussions-without-gun

            How central banks have broken fiscal policy (medium):

            http://www.zerohedge.com/news/2013-10-21/how-central-banks-have-broken-fiscal-policy-one-sentence

            More on valuation (short):

            http://blog.yardeni.com/2013/10/flying-high-into-wild-blue-yonder.html

   News on Stocks in Our Portfolios

·                                
V.F. Corp beats by $0.13, misses on revenues

o                                                        V.F. Corp (VFC): Q3 EPS of $3.91 beats by $0.13.

o                                                        Revenue of $3.29B (+5% Y/Y) misses by $0.05B.

|7:03 AM|

 

Economics

   This Week’s Data

   Other

            Tapering isn’t coming anytime soon (short):

            http://pragcap.com/again-the-taper-isnt-coming-any-time-soon

            The country’s debt load is now $50,000 for every man., woman and child (short):

            http://www.zerohedge.com/news/2013-10-18/you-are-here

Politics

  Domestic

An interesting take on climate change (medium):

http://www.aei-ideas.org/2013/10/climate-change-is-good-for-the-world-scientific-consensus-is-that-warmer-temperatures-do-more-good-than-harm/

  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 Investing For Survival is to help other investors build wealth and benefit from the investing lessons he learned the hard way.