The Morning Call
2/19/19
The
Market
Technical
The
S&P resumed its strong upward momentum, closing above its 100 DMA (now
support), re-starting the clock on its challenge of its 200 DMA (now
resistance; if it remains there through the close on Thursday, it will revert
to support) and within a very short term uptrend. Its next resistance level is its prior lower
high (~2800).
As
you might expect with the Fed and the Bank of China turning dovish, the long
bond continues to rise (rates down). It
finished above both moving averages and in a very short term uptrend. If global liquidity is expanding, this trend
should continue as long as inflation numbers are benign.
Is
the Japanese bond bull market ending?
The
dollar was off a nickel on Friday. Its
chart remains strong, with UUP ending above both moving averages and in a short
term uptrend. It did settle below the
upper boundary of the November to present trading range, but not by much.
GLD
rose ½% on volume, maintaining its strong performance. It closed within very short term and short
term uptrends and above both MA’s (the 100 DMA is crossing above its 200 DMA).
In
sympathy with Friday’s moonshot, the VIX was down over 7%, closing below the
lower boundary of is short term uptrend (if it remains there through the close
on Wednesday, it will reset to a trading range).
Fundamental
Headlines
Another round of
trade talks with China begins today---a hopeful sign that progress is being
made.
The latest
victims of Chinese IP theft.
Apparently, the
ECB is about to join the stampede to QE.
***overnight, a Bank
of Japan governor said that the BOJ was prepared to execute extra monetary
easing if required.
The
latest from Morgan Stanley.
Will
the real world please stand up?
News on Stocks in Our Portfolios
Genuine Parts (NYSE:GPC): Q4 Non-GAAP EPS of
$1.35 beats by $0.04; GAAP EPS of $1.27 misses
by $0.04.
Revenue of $4.6B (+9.3% Y/Y) beats by $50M.
Revenue
of $7.55B (+2.4% Y/Y) beats by $20M.
Economics
This Week’s Data
US
International
December
Japanese machine orders fell 0.1% versus November’s reading of unchanged.
Other
Update
on student loans.
Why so many Americans
feel cheated by the student loans.
Update on mortgage debt.
New accounting rules will add $3
trillion to corporate debt.
Auto sales plunge in China.
China’s Silk Road initiative is starting to impact the Middle
East.
What
I am reading today
Update on cryptocurrencies.
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