The Morning Call
7/23/18
The
Market
Technical
Importantly,
the S&P has made a fourth higher high, suggesting continued momentum to the
upside and that, at the very least, it will challenge its all-time high.
The
long bond got pounded on Friday after making three unsuccessful attempts to
push through the upper boundary of its short term downtrend. Adding to this negative pin action, it closed
right on its 200 day moving average.
Follow through now becomes important.
The
dollar spent last week recovering to its recent high only to bounce off it on
Friday. This is still a strong chart.
Gold remains the ugliest
chart on the block. About the only good
thing that can be said is that managed to trade back above the lower boundary of
its short term downtrend. Nonetheless,
it certainly appears to be going lower with the lower boundary of its
intermediate term trading range as the next stop.
The VIX wandered aimlessly
near the bottom of its short term trading range. Meaning portfolio insurance is cheap and
stocks have lost some momentum.
Fundamental
Headlines
News on Stocks in Our Portfolios
Revenue of $8.3B (+11.3% Y/Y) misses by $60M.
Revenue of $2.79B (+22.9% Y/Y) beats by $110M.
Revenue of $30.09B (+17.5% Y/Y) beats by $860M.
Economics
This Week’s Data
US
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