The Morning Call
4/20/15
The Market
Technical
Monday Morning Chartology
The
S&P has now set a second lower high, keeping the very short term downtrend intact. That potentially could be another sign that a
Market top is forming. On the other hand,
the short, intermediate and long term uptrends are still solid---the lower boundary
of its short term uptrend being almost 100 points away. So it is going to take
a lot more technical damage before the ‘Market top’ scenario can be taken
seriously.
Bull
market corrections (short):
A
look at past bull markets (short):
The
long Treasury continues to hold the line.
It remains within very short term and short term trading ranges, intermediate
and long term uptrends, above its 100 day moving average.
Is
this a pathetic looking chart or what?
GLD may have found a bottom; but note that the developing of head and
shoulders formation which if completed would suggest lower prices. On the other hand, there is little that
points to any upside.
One
day after negating the lower boundary of a pennant formation, the VIX bounced
10%. So I am going to put the call that
negated this pattern on hold until we know whether Friday was simply one of
those occasional down drafts that hit Markets or if it was signaling something
more ominous.
Fundamental
Stocks
reacting positively to earnings (short):
Investing for Survival
Everybody
plays the fool (medium):
News on Stocks in Our Portfolios
o
Lorillard (NYSE:LO):
Q1 EPS of $0.82 beats by $0.05.
o
Revenue of $1.67B (+45.2% Y/Y) beats
by $490M.
Economics
This Week’s Data
The
March Chicago fed National Activity index was reported at -.42 versus
expectations of +.15.
Other
***overnight,
China lowered banking reserve requirements.
Politics
Domestic
International War Against Radical Islam
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