The Morning Call
11/17/14
The Market
Technical
Monday Morning Chartology
The
S&P continued its relentless advance, remaining in uptrends across all
timeframes. On the other hand, it is very
close to the upper boundary of its long term uptrend which should pose a
difficult, if not impossible barrier to further upside.
The
long Treasury is holding in a very short term trading range while remaining in
a short term uptrend, an intermediate term trading range and above its 50 day
moving average.
GLD
closed Friday near the lower boundary of its former long term trading
range. Typically, former support levels when
broken turn into resistance. On the
other hand, if GLD regains that support level it will be strengthen and could
signal the low in price has been made. In the meantime, GLD is still in downtrends across
all timeframes; so right now a low in price is only a gleam in some traders’
eyes.
The
VIX finished back near the lower boundary of its short term uptrend. A break of that level would be a positive for
stocks. However, if it holds, it would
suggest more of a trading market than an upward trending one.
Fundamental
***overnight,
Japan reported third quarter GDP down 1.5%, putting it officially in a
recession. Putin warned that he would
not allow the rebels in eastern Ukraine to be defeated by government forces.
Investing for Survival
The
price of hubris (medium):
News on Stocks in Our Portfolios
Economics
This Week’s Data
The
November NY Fed manufacturing index was reported at 10.16 versus expectations
of 10.3, but up considerably from October’s reading of 6.17.
Other
China’s
shadow banking segment declines precipitously (medium):
Politics
Domestic
More on
Grubergate (medium):
Why small
businesses are disappearing (medium):
International War Against Radical Islam
On
the potential nuclear deal between the US and Iran (short):
The EU’s political and
moral bankruptcy (medium):
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