The Morning Call
6/22/15
The
Market
Technical
Monday
Morning Chartology
The
S&P couldn’t develop any follow through to Thursday’s moonshot. It never reached its former high much less
the upper boundary of its long term uptrend.
That is not necessarily a huge problem; but it does suggest that the
bulls’ ammo is limited. Barring an event
that alters current investor perception, it probably means more churning in
place. Hence, there is little motive in
my mind to be buying at this level and a good reason to be paying careful
attention to those stocks at or near historical high valuations and whose
companies are facing deteriorating fundamentals.
Stock
performance following June quadruple witching (short):
The
long Treasury continues to drift lower.
It remains below its 100 day moving average and below the upper boundaries
of its very short term and short term downtrends.
I
am sick and tired of posting the GLD chart which offers no value added; so I am
including the dollar chart which shows its recent weakness---below its 100 day moving
average and the upper boundary of its very short term downtrend.
The
VIX continues to meander aimlessly in a trading range dating back to early
2013. While it is not that different
from GLD, but it is once again nearing a level (circa 12) that would represent
good value as portfolio insurance.
Fundamental
The
latest on the EU/Greek bail out talks (medium):
Economics
This Week’s Data
The
May Chicago national activity index came in at -.7 versus the April reading of
-.15.
Other
More
on student loans (medium and a must read):
Cities
and states shun Moody’s because it is ‘too tough’ in its ratings (medium):
Inconsistencies
at the IMF (medium):
A
different take on the current economic expansion (short):
Politics
Domestic
Quote of the day
(short):
Monday morning
humor (short):
International War Against Radical
Islam
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