Monday Morning Chartology

The Morning Call

7/25/16

The Market

         

    Technical

            The S&P remains solidly in uptrends.  The lack of volatility in the backing and filling last week was a bull’s dream.  I can still see no reason that the upper boundary of its long term uptrend won’t be challenged.

            Update on margin debt:

            http://www.advisorperspectives.com/dshort/updates/NYSE-Margin-Debt-and-the-SPX

            The long Treasury stabilized last week after a rough period.  As you can see, it bounced off a key Fibonacci level and remains well above its 100 day moving average and within uptrends across all timeframes.

            GLD attempted to stabilize last week; though it was not a successful as TLT.  It did hold the lower boundary of its very short term uptrend.  So for the moment, all is well.

            Last week, the VIX reset its short term trend from a trading range to a downtrend, then challenged that reset the following day and finally, traded back off on Friday, seemingly reconfirming the reset to a downtrend

    Fundamental

            This week will witness the number of S&P earnings reports.  Plus the Bank of Japan meets.

            http://www.zerohedge.com/news/2016-07-24/kuroda-under-pressure-increase-stimulus-again-dissenters-appear

            ***overnight, June Japanese exports fell 7.4% and imports dropped 18.8%, though they were better than expected; July German business sentiment declined less than anticipated.

            The latest from Doug Kass (medium):

            http://www.realclearmarkets.com/articles/2016/07/22/partisanship_animus_and_market_volatility_lie_ahead_102276.html

            Do the central banks have the will to undo their mistakes (medium and a must read):

            http://www.realclearmarkets.com/articles/2016/07/22/the_question_now_is_whether_or_not_sense_can_prevail_102274.html

       Investing for Survival

   

            Is this what you expected in retirement?

            http://www.bloomberg.com/news/articles/2016-07-18/is-this-what-you-had-in-mind-for-retirement-here-s-what-actual-retirees-found-out

           

    News on Stocks in Our Portfolios

 

CF Industries (NYSE:CF) declares $0.30/share quarterly dividend, in line with previous.

Kimberly-Clark (NYSE:KMB): Q2 EPS of $1.53 beats by $0.05.

Revenue of $4.59B (-1.1% Y/Y) beats by $30M

Economics

   This Week’s Data

   Other

            Portuguese banks line up behind their Italian counterparts for bank bailout (medium):

            http://www.zerohedge.com/news/2016-07-24/first-italy-now-portuguese-banks-unexpectedly-need-taxpayer-bailout

Politics

  Domestic

Pat Buchanan’s thoughts on Trump (short):

http://www.zerohedge.com/news/2016-07-22/brutus-cruz-trump-takeover

Quote of the day (short):

http://cafehayek.com/2016/07/quotation-of-the-day-1784.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+CafeHayek+%28Cafe+Hayek%29

  International War Against Radical Islam

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