The Morning Call
9/2/14
The Market
Technical
Tuesday Morning Chartology
In
my absence, the S&P re-set its short term trend from a trading range to an
uptrend. That puts it back into uptrends
across all timeframes. However, it is
still out of sync with the Dow which remains in short and intermediate term trading
ranges. The next challenge is now the
upper boundary of its long term uptrend.
The
long Treasury remains within its short term uptrend, intermediate term trading
range and above its 50 day moving average.
This performance suggests the bond guys are betting on a geopolitical disturbance
or a slowing economy (recession). We are
sticking with our long bond position in our ETF Portfolio. Further, whether you own bonds or not, this
would be a great time to refinance your mortgage.
GLD
remains within a short term trading range, a developing pennant formation, an intermediate
term downtrend and below its 50 day moving average. This continues to be a sick chart whose only
hope is to bust out of that pennant formation to the upside.
The
VIX is back to telling us nothing. True,
it is in short and intermediate term downtrends and below its 50 day moving
average; but it has been there forever, more as part of an extended trading
range than a hint on direction.
Fundamental
News on Stocks in Our Portfolios
Economics
This Week’s Data
Other
The
ECB’s destructive monetary policy (medium):
Politics
Domestic
International
Latest
from Ukraine---ex-NSA chief memo to Merkel (medium):
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