The Morning Call
4/13/15
The Market
Technical
Monday Morning Chartology
The
S&P continues to trade in a narrow range.
It did finish the week above the lower boundary of a very short term
uptrend and its 100 day moving average; so there is some momentum to the
upside. However, there are still
overhead barriers (the downward sloping black trend line, the late February
high) that have to be breached before it can take on the upper boundary of its
long term uptrend.
The
long Treasury remains within a short term trading range, intermediate and long
term uptrends and above the 50 day moving average. Note the very short term trading range (the
horizontal black lines).
GLD
is still struggling. It closed within
short and intermediate term trading ranges, a long term downtrend and below its
100 day moving average. It broke below
the lower boundary of a developing very short term uptrend on Thursday but then
recovered on Friday. A lot of work
remains to be done for this chart to look positive.
The
VIX fell on Friday, ending below the lower boundary of that pennant formation
to which I have been referring for the last couple of weeks. A close below it today would break the
pattern to the downside, suggesting more downside (and more upside to
stocks). On the other hand, it is not
that far from the lower boundaries of its short and long term trading
ranges---the latter should offer some serious resistance. I continue to think that at these prices it
represents cheap portfolio insurance.
Fundamental
Getting
out of the mess the Fed has made for itself (medium):
Investing
for Survival
The
paradox of diversification (medium):
News on Stocks in Our Portfolios
Economics
This Week’s Data
Other
More
fallout from the bankrupt Austrian bank (medium):
Politics
Quote
of the day (short);
Domestic
International War Against Radical Islam
Krauthammer
on the Iran nuke deal (medium):
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