The S&P was on a roller coaster last week, finishing within the 4/17-4/21 trading range---which continues to exhibit a magnetic pull. Note the double top.
Though down on Friday, the long bond was up on the week. In recent trading, it has made a higher high and a lower low; so, we need to pay attention to how this discrepancy gets resolved.
Gold had a great week, making a new higher high and confirming that momentum remains to the upside.
The dollar also had a good week. In the process, it broke a trend of lower highs making a slightly higher high. I would like to see some follow through to the upside. If that occurs, then, like GLD, it will confirm upside momentum.
Wednesday, the VIX broke a month long very short term downtrend. Even though it sold off on Thursday and Friday, it was not enough to reestablish the downtrend. That supports the notion that the Averages’ 4/17-4/21 trading range is constraining upside momentum.
***overnight update on coronavirus.
Promising coronavirus vaccine trial data.
In praise of individual responsibility.
Goldman cuts S&P earnings forecast.
If you didn’t see last night’s Powell 60 Minutes interview, here is a recap.
News on Stocks in Our Portfolios
This Week’s Data
Q1 Japanese (preliminary) GDP growth rate was -0.9% versus estimates of -1.2%; capital expenditures were -0.5% versus -1.5%; private consumption was -0.7% versus -1.6%.
US oil rig count at an eleven year low.
What I am reading today
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