The Morning Call
7/13/15
The
Market
Technical
Monday Morning Chartology
After
an extremely volatile week, the S&P ended exactly where it began. Below its 100 day moving average but having
recovered above the lower boundary of its short term uptrend and negating
Wednesday’s break. The ‘buy the dip’
crowd obviously still has latent strength; and my thought that an ‘emperor’s
new clothes’ moment may be in the offing seems premature.
The
long Treasury rose early in the week as it became a ‘safe haven’ amidst the
turmoil in Greece and China, then fell later as it appeared that a Greek bailout would occur and that the
Chinese government would be successful in intimidating sellers into inaction.
Gold
continues to do nothing. Indeed, even
the depths of this week’s pessimism over Greece and China, it barely moved.
The
VIX was off 15% on Friday, having bounced off the upper boundary of its
intermediate term downtrend (a plus for stocks). However, it remains well above its 100 day
moving average and the levels of two weeks ago.
Fundamental
Troika
demands that either Greece approve all its requirements by Wednesday before
there is any negotiations on what Greece gets or they will implement a five
year Grexit.
More:
As
of this morning:
China
re-opens trading in 400 stocks but busts group of ‘illegal sellers’:
Investing
for Survival
Insights
from Paul Tudor Jones (medium):
News on Stocks in Our Portfolios
Economics
This Week’s Data
Other
Politics
Domestic
International War Against Radical
Islam
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