The Morning Call
2/9/15
The Market
Technical
Monday Morning Chartology
The
S&P closed within uptrends across all timeframes, above its 50 day moving
and above the downtrend off the December highs for the second day, thereby
negating that resistance level. The only
fly in last week’s ointment was the tendency for price advances to take place
on low volume days and declines on higher volume days. The next stop is the December highs (2080).
The
long Treasury was hammered last week---not particularly unexpected given the
recent moonshot. Indeed, it remains in
uptrends across all timeframes and above its 50 day moving average. Notice though that it is bearing down on that
average. At the moment, my focus is on
where TLT finds price stability.
GLD
was also bashed again, but with much more technical damage than the TLT. It blew through the 131.3 level like it wasn’t
there. Still it closed within its short
term uptrend and intermediate term trading range. Nevertheless, our Portfolios cut their
position by one half with the violation of the 131.3 Stop Loss level.
Oil
has been in the headlines every day for the last six months as it plunged to
ever lower lows. Recently, it looks like
it is trying put in a bottom; but more work needs to be done to have an assurance. Remember, it seemed clear GLD was making a
low
And
for those hoping a bottom has been made, don’t count your chickens….(medium):
The
VIX was off slightly, ending within its short term trading range and the
intermediate term downtrend and right on its 50 day moving average.
Fundamental
***overnight:
(1)
Greek PM says (1) Greece will roll back austerity
measures and (2) it won’t ask for an extension of bailout funds
And (must read):
(2)
January Chinese exports fell 3.3% year over year,
(3)
Merkel pushing Putin to agree to roadmap for peace in Ukraine,
(4)
The justice department in investigating additional
charges against Barclay’s for foreign exchange fraud; and HSBC admitted to assisting
customers avoid taxes and conceal assets.
The
latest from Gary Shilling (medium):
Update
on fourth quarter corporate earnings (short):
Investing for Survival
Financial
problems in your head (medium):
News on Stocks in Our Portfolios
Economics
This Week’s Data
Other
Politics
Domestic
International War Against Radical Islam
Obama
gives away the farm to Iran (medium):
No comments:
Post a Comment