The Morning Call
5/27/14
The Market
Technical
Tuesday Morning Chartology
The
S&P (and the Dow) closed Friday above its all time high (the sixth
challenge for the Dow, the third for the S&P). That is less significant for the S&P than
the DJIA since it is already in short and intermediate term uptrends. For the DJIA, if it remains above 16601 through
the close next Friday, its short and intermediate term trends will re-set to
up. Both are above their 50 day moving
averages. Friday’s volume was almost
nonexistent and breadth was mixed---so there is an issue of follow
through. A check of our internal
indicator shows that in a Universe of 145 stocks, 31 are at or above their
all-time highs, 26 are near their all-time highs, 88 are neither.
Are
the bulls gaining strength (medium)?
The
long Treasury continues within its short term uptrend and even bounced off of
the lower boundary of a very short term uptrend. It is well above its 50 day moving average
and is once again approaching the upper boundary of its intermediate term downtrend.
GLD
remains within short and intermediate term downtrends and below its 50 day
moving average. As you can see, it has
been teasing the tip of that pennant formation for the last three trading days. I am still not making a call on the direction
of any break.
The
VIX closed below the lower boundary of its short term trading range for the
third day, another day or so and the break will be confirmed. The short term trend will re-set to
down. It remained below its 50 day
moving average and within an intermediate term downtrend.
The
seasonal pattern of small cap stock performance (short):
Update
on ‘the best stock market indicator ever’:
Fundamental
More
on valuation (short):
And:
The
latest from David Stockman (medium):
Investing for Survival
Globalize
your portfolio (medium):
News on Stocks in Our Portfolios
·
Revenue of C$5.81B (+9.6%
Y/Y) beats by C$200M.
Economics
This Week’s Data
April
durable goods orders rose 0.8% versus expectations of a decline of 0.8%; ex
transportation orders, the number was up 0.1% versus estimates of drop of 0.1%.
Other
Summary
of first quarter retail profits (short):
Tuesday
morning humor (short):
Politics
Domestic
From the most
transparent administration in history (medium):
International
David
Stockman on China’s financial dilemma (medium and a must read):
Bank of China on the
Chinese real estate problems (short):
China sinks Vietnamese
fishing boat (short):
Bank of Japan considering
‘tapering’ (medium):
Kyle Bass on the Chinese
and Japanese economies (medium):
Summary
of Putin’s Friday press conference (medium):
Latest
from Ukraine:
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