Monday Morning Chartology

The Morning Call

1/9/17

The Market

         

    Technical

       Monday Morning Chartology

            Nothing in the pin action of the S&P suggests that it won’t test the 2300 level.  As you can see, it is in uptrends across all timeframes, well above its 100 and 200 day moving averages.  As you probably know, the Dow came within .37 of hitting 20000 on Friday.  So I think that there some inevitability to this occurrence.  Nonetheless, I do not believe the indices will successfully challenge the upper boundaries of their long term uptrends.

            The long Treasury had a great week.  But as you can see, it has a lot of room to rally and do nothing to alter its negative technical condition:  below its 100 and 200 day moving averages, within a very short term downtrend and in a short term trading range.

            Just look at the TLT chart and note the similarities.  GLD rallied this week and can continue to do so without threatening to break any resistance levels---which, like TLT, are well above current prices.

            The dollar has run into resistance at the upper boundary of its intermediate term trading range, a resistance level around which it has been trading for the last three weeks.  On the other hand, it remains technically strong, being well above its 100 and 200 day moving averages and above the lower boundary of its short term uptrend.

            The VIX had a rough week, nearing the lower boundary of its intermediate term trading range---a boundary that extends back ten years, making it, technically, very strong resistance.  It remains below its 100 and 200 day moving averages and within a short term downtrend.

    Fundamental

       Headlines

            In search of the elephant in the room (short):

            http://www.zerohedge.com/news/2017-01-08/signs-excesses-isolated-search-elephant-room-fed-governors-come-empty

       Investing for Survival

   

The power of brutal honesty

            http://www.collaborativefund.com/blog/the-power-of-brutal-honesty/

           

    News on Stocks in Our Portfolios

 

Economics

   This Week’s Data

   Other

            Are rising gasoline prices unequivocally bad?

            http://www.zerohedge.com/news/2017-01-08/unequivocally-bad-gas-prices-soar-over-20-yoy-most-2011

Politics

  Domestic

This week on Meet the Press (must watch):

http://www.zerohedge.com/news/2017-01-08/santelli-meets-press-you-picked-sides-election-night-ive-never-seen-you-so-unhappy

  International War Against Radical Islam

            Here is the US intelligence agencies report of Russian interference in the US elections:     

            http://www.zerohedge.com/news/2017-01-06/here-us-intelligence-report-accusing-putin-ordering-campaign-influence-us-election

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