The Morning Call
10/27/14
The Market
Technical
Monday Morning Chartology
The
S&P is in the midst of a challenge to its short term downtrend. A close above the upper boundary of this
trend today will re-set that trend to a trading range (by the way, the Dow
finished above the upper boundary of its short term downtrend on Friday; and if
that holds through tomorrow night, it too will re-set to a trading range). The S&P ended within an intermediate term
trading range, a long term uptrend and above its 50 day moving average.
The
long Treasury traded down last week, breaking its very short term uptrend and
re-setting to a trading range. It
remains within a short term uptrend, an intermediate term trading range and
above its 50 day moving average.
GLD
broke below the lower boundary of its very short term uptrend and confirmed the
break. It re-set to a trading
ranges. GLD remains within short and
intermediate term downtrends and below its 50 day moving average.
The
VIX fell but stayed within its short term uptrend, intermediate term downtrend and
above its 50 day moving average.
Fundamental
The
Markets have a lot to digest this week. First
is the Sunday release of the ECB bank stress test. The following three articles all address this
issue. Given that this will be on everyone’s minds, they are must reads:
25
banks fail ECB stress test (medium):
And
the scariest number in this report (medium):
More
disturbing incompetence by the ECB (medium):
The
FOMC meets Tuesday and Wednesday this week; this is the meeting where QE is
supposed to come to a halt. Even if it
does, my guess is that the language in the statement following the meeting and
the minutes will be so dovish, it will make me want to puke.
German
confidence index falls.
Investing for Survival
How
to ruin your life (medium):
News on Stocks in Our Portfolios
Economics
This Week’s Data
Other
Politics
Domestic
International War Against Radical Islam
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