The Morning Call
2/22/16
The
Market
Technical
Monday Morning Chartology
However
you look at it, the S&P staged a great rebound last week. The most important technical consequence was
the voiding of the recent reset in the intermediate term trend back to a
trading range. In addition, the selloff
following the rebound was very tame and suggests that there could be more
movement to the upside. On the other
hand, the rally was unable to (1) push through the circa 1930 Fibonacci
retracement level and (2) set yet another lower high. Follow through is the key.
NYSE
short interest back at highs (short):
The
long Treasury fell sharply, challenged its very short term uptrend, and then
recovered. So the chart remains strong
and points to investors focus on the risk off trade (recession).
After
having been so bad for so long, GLD is getting its groove on. It held very well in last week’s risk on
rally.
Even
though the VIX sold off in last week’s risk on rally, it nonetheless remains in
a very short term uptrend, a short term trading range and above its 100 day
moving average.
Fundamental
Sovereign
wealth funds could sell $500 billion in securities this year (short):
***overnight, the February EU composite PMI hit a fourteen month low, with French and German readings in negative territory; the February Japanese flash PMI came in at 50.2 versus expectations of 52.0; the Bank of China continued to inject liquidity into the banking system.
Investing for Survival
How
to escape the market meltdown mentality (medium):
News on Stocks in Our Portfolios
Economics
This Week’s Data
Other
The
latest Cleveland Fed financial stress index (short):
Politics
Domestic
What Trump
really said about Iraq (short)?
The results from
Seattle’s raising the minimum wage (medium):
International War Against Radical
Islam
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