The Morning Call
3/16/15
The Market
Technical
Monday Morning Chartology
The S&P remains within uptrends across
all timeframes. On a very short term
basis, it is right on the lower boundary of (1) a very short term uptrend (2) which also happens to be part of a developing pennant formation. A break below this level would suggest more
downside. Also note that it is right on
its 100 day moving average (wiggly red line).
I have marked the prior occasions that the S&P has been at this
support level over the last two years and bounced---so it clearly offers strong
support. Finally, we have had two big up
days of late; but both were in the context of a broader downtrend. So by themselves, they have little meaning. We need a longer stretch of calm before
assuming this down leg has run its course.
The
long Treasury is holding within its short term trading range and its
intermediate and long term uptrends.
However, with volatility has been so high of late, the odds of the short
term trading range remaining intact are not that great.
Another
attempt at a bottom for GLD. Notice all
the resistance levels that it has to overcome before, even if you think a
reversal is probable. Of course, it has
done just that twice before, only to beat another retreat.
More
of the same directionless movement.
Triple
witching options week (short):
Fundamental
Why
the dollar is soaring (medium):
The
ECB is distorting money markets (medium):
More on valuation (medium):
Majority
of Germans believe Greece should exit EU (medium):
Austrian
bank collapse claims its first victim (medium):
***overnight,
Chinese GDP grew at the slowest rate in 20 years; Premier says government
prepared to take action.
Investing
for Survival
Five
lessons learned from the recent ETF conference (medium):
News on Stocks in Our Portfolios
Economics
This Week’s Data
Last
week was the seventh week in a row for poor economic data: negative: weekly
retail sales, February retail sales, small business optimism index, wholesale
sales, weekly mortgage applications, consumer sentiment and February PPI;
positive: weekly purchase applications and weekly jobless claims. While there was not a lot of stats from
overseas, what we got was dominated by a series of week numbers out of China.
The
March NY Fed manufacturing index was reported at 6.9 versus expectations of
7.0.
Other
Government
admits it may have problems guaranteeing insolvent pension plans (medium):
Greece
passes law to plunder pension plans (medium):
Latest
figures on household net worth (short):
Politics
Domestic
Quote of the day
(short):
International War Against Radical Islam
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