Monday Morning Chartology

The Morning Call

2/10/14

The Market

           

    Technical

      Monday Morning Chartology

            The S&P broke its short term uptrend, then bounced off an obvious support level resetting to a short term trading range.  It remains within its intermediate term uptrend.

            The long Treasury broke to the upside on a short term basis, stumbled, then re-set to a wider trading range.  Note that on balance volume (wiggly blue line) is much stronger than the price movement---a positive for future price performance.

            GLD’s chart remains pretty ugly.  It is trying to break above the upper boundary of a very short term downtrend.  However, as you know, it does not have a great record of late in following through on positive upside breakouts.

            Nothing new on the VIX: short term trading range, intermediate term downtrend, no help on Market direction.

            More on the January barometer (medium):

            http://blog.stocktradersalmanac.com/post/Dont-Sell-January-Barometer-Short-But-Prepare-For-Weakness-SPX-DJIA

            Update on ‘the best stock market indicator ever’ (short):

            http://advisorperspectives.com/dshort/guest/John-Carlucci-Best-Indicator-Ever-Update.php

    Fundamental

            Credit spreads soar in China (medium):

            http://www.bloomberg.com/news/2014-02-10/junk-yield-premiums-soar-on-china-s-looming-first-default.html

            The latest from BofA (short):

            http://www.zerohedge.com/news/2014-02-09/bofaml-warns-stock-bulls-dont-believe-hype

     Investing for Survival

            Record number of Americans renounced citizenship in 2013 (short):

            http://www.zerohedge.com/news/2014-02-09/americans-are-renouncing-their-citizenship-record-numbers

   

       News on Stocks in Our Portfolios

 

Economics

   This Week’s Data

   Other

            Consumers maxing out their credit cards (short):

            http://www.zerohedge.com/news/2014-02-07/consumers-max-out-their-credit-cards-month-when-personal-savings-tumble

                Update on big four economic indicators (short):

            http://advisorperspectives.com/dshort/updates/Big-Four-Economic-Indicators.php

Politics

  Domestic

Freedom from being ‘locked’ into your job (medium):

http://www.nationalreview.com/article/370552/freedom-job-locked-jonah-goldberg

  International

            Quote of the day (short):

            http://www.aei-ideas.org/2014/02/quotation-of-the-day-on-the-overselling-of-global-warming

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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.