The Morning Call
4/6/15
The Market
Technical
Monday Morning Chartology
The
S&P remains well within uptrends across all timeframes. It did close Thursday below the lower boundary
of a very short term uptrend but above its 100 day moving average. Under our time and distance discipline, the
very short term uptrend would normally be negated; however, given that the
S&P proximity to the trend line plus the fact that it bounced off its 100
day moving average, I am going to hold off negating this uptrend. The 100 day moving average continues to
present meaningful support.
The
long Treasury remains within a short term trading range, intermediate and long
term uptrends and above its 50 day moving average. Note that the latest high (Wednesday) could
not get above the prior high. That could
be a sign of lost momentum. We need to
watch for the point of its next low for more directional information.
GLD
chart continues to be unimpressive. It
remains within short and intermediate term trading ranges, a long term downtrend
and below its 50 day moving average.
Much more work needs to be done for this chart to improve.
The
VIX remains within that developing pennant formation as well as a short term
trading range, an intermediate downtrend, a long term trading range and above
its 50 day moving average.
Fundamental
***overnight,
Japan ‘revises’ 2014 wage data and shows no (zero, nada) wage growth (how is
that QE working, Mr. Abe?)
Investing
for Survival
Another
great argument for our Buy/Sell Discipline (medium):
http://theirrelevantinvestor.tumblr.com/post/111803820608/why-dont-we-make-good-investment-decisions
News on Stocks in Our Portfolios
Economics
This Week’s Data
Other
The
latest economic update from Goldman---no rate hikes (medium):
The
ECB’s contribution to the currency war (medium and a must read):
Problems
in the High Yield debt market (medium):
Politics
Domestic
International
NATO
versus Russia (medium):
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