The Morning Call
6/29/15
The
Market
Technical
The
S&P (2101) is now approaching its 100 day moving average (2095). But it remains above it unlike the Dow which has
been below its comparable level for three days.
The
long Treasury continues to get pounded.
As you can see, it is now near the lower boundary of its short term
downtrend. A technical bounce wouldn’t
be surprising; but the trend is lower.
The bothersome aspect is coming up with an economic scenario that
explains the current divergence in bond and stock prices.
I
thought that I would update the oil chart.
You can see that it has been trading around the upper boundary of a
short term trading range since late May.
The
VIX was down fractionally on Friday. As
long as it maintains a negative trend, it is a plus for stocks.
The
Chinese stock market opens limit down (short):
Fundamental
Bank
of International Settlements slams central bank monetary policy (medium and
today’s must read):
***overnight,
Greece goes ahead with referendum; capital controls imposed; markets in for a
rough day.
Economics
This Week’s Data
Other
Thoughts
on inequality (medium):
Politics
Domestic
International War Against Radical
Islam
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