The Morning Call
9/28/15
The
Market
Technical
The
battle lines for the S&P are pretty clearly marked by 1970 on the upside
and the lower boundary of its intermediate term uptrend on the downside. After trading through that lower boundary
intraday and closing above it on Thursday, I thought it likely that momentum would
continue higher. It did intraday on
Friday and then closed slightly lower on the day. It now seems poised to attack the lower
boundary of its intermediate term uptrend again.
Stocks
October performance (short):
Update
on the Buffett indicator (short):
The
long Treasury continued to drift within a narrow very short term trading range
since the big Market sell off in late August.
It remains above its 100 day moving average (a plus) and within short
and intermediate term trading ranges. In
short the directional trend at the moment is sideways.
GLD
saw some action last week (1) breaking above its 100 moving average on Thursday
and then falling back and voiding that break on Friday, (2) trading above the
upper boundary of its short term downtrend on Thursday and holding it on
Friday; if it closes there today, the trend will re-set to a trading range.
The
VIX is currently pushing against the lower boundary of its short term
uptrend. It did manage to get below it
one day last week, but reversed the next day. Since it has inched higher;
basically tracking along with the aforementioned lower boundary. In the process, it rises further above the 20
level.
Fundamental
***overnight
IMF says 3.3% global growth is no longer realistic; August Chinese industrial
profits fell 8.8% year over year; China’s largest miner laid off 100,000
workers; pro-independence parties won a majority of seats in the Catalonian
parliament but only 48% of the vote, 50% is needed to hold a referendum.
Nothing’s
safe (short):
The
latest from Doug Kass (short):
Investing for Survival
How
inflation impacts returns (medium):
News on Stocks in Our Portfolios
Economics
This Week’s Data
August
personal income rose 0.3% versus expectations of up 0.4%; personal spending was
up 0.4%, in line.
Other
Politics
Domestic
Healthcare
premiums (short):
International War Against Radical
Islam
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