The Morning Call
9/14/15
This week kicks off a busy fall
for me. On Thursday, we are heading for
California for one last beach weekend.
So no Thursday/Friday Morning Calls or Closing Bell. Next week, our daughter moves and we are
helping. I am not sure how much time I will
be away. October 10 is Texas/OU weekend;
so no Friday Morning Call and Closing Bell.
October 23 is my pledge class reunion; no Closing Bell. October 30, we are visiting friends in Santa
Fe; no Friday Morning Call or Closing Bell.
As always I will have my computer with me; so if action is required, I will
communicate via a Subscriber Alert.
The
Market
Technical
Monday Morning Chartology
You
can clearly see the two trading zones that the S&P finds itself in (1) long
term bounded by the lower boundary of the S&P’s intermediate term uptrend [slanted
purple line] and the upper boundary of its short term downtrend [upper brown
line] and (2) the 1970 short term upper boundary [horizontal purple line] and the
trend of successive higher low [green line].
I am just watching from a sign of directionality. That said, my bottom line is still that as
long as the S&P remains above the lower boundary of its intermediate term
uptrend it is experiencing just a correction in a bull market.
This
Friday is a quadruple witching expiration; what to expect. (short):
The
long Treasury continues to struggle for direction, trading within both a short
and intermediate term trading range. The
sellers are a combo of foreign central banks liquidating their FX reserves and
investors thinking that the economy is getting stronger and/or the Fed is going
to hike rates this week. The buyers are
those looking for safety from the possibility of repercussions from a global
slowdown/deflation.
GLD’s
chart remains abysmal. It is in
downtrends in all timeframes. The green
line is the five year low. If it can
withstand another test, we may be able to say that bottom has been made.
The
VIX closed above its 100 day moving average, within a short term uptrend and an
intermediate term trading range. As long
as stays above the 22.50 level (the horizontal black line) uncertainty remains
high.
Fundamental
News on Stocks in Our Portfolios
Economics
This Week’s Data
Other
Update
on median household income (medium):
Truck
tonnage and railcar loadings are rising (short):
Politics
Domestic
International War Against Radical Islam
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