Monday, November 17, 2014

Monday Morning Chartology

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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