The Morning Call
5/26/20
The
Market
Technical
The S&P
momentum remains to the upside, although it is struggling a bit to sustain it. Working against it is the overhead resistance
presented by its 100 and 200 DMA as well as the downward pull of its 5/18 big
gap up open.
The long bond’s technical
position is somewhat similar to the S&P (and GLD). While visually it doesn’t look the same,
still, its bias is to the upside but is being restrained by other technical factors---in
this case, the upper boundaries of its very short term and
intermediate term uptrends.
Gold’s chart not only
looks like TLT’s chart but its technical picture is the same---it continues to
push upward albeit at a slow pace which is being inhibited by the magnetic pull
of the upper boundaries of its very short term and short term uptrends.
The dollar’s chart
is a weak version of TLT and GLD---momentum remains to the upside but it is
anemic. Indeed, it is being supported by
its 100 and 200 DMA’s.
The
VIX has not made exactly mirrored the S&P, i.e. it couldn’t sustain its
very short term downtrend nor has made a new low. That supports the notion of a labored advance
in stock prices.
Fundamental
Headlines
***overnight
update on coronavirus
CDC confirms low
death rate.
Fed now the proud
owner of bankrupt Hertz bonds.
News on Stocks in Our Portfolios
Economics
This Week’s Data
US
The
April Chicago Fed national activity index came in at -16.7 versus estimates of
-3.0
International
The
March Japanese leading economic indicators were reported at 84.7 versus consensus
of 83.8; the March All Industry index was -3.8 versus -4.8.
Final
Q1 German GDP fell 2.2%, in line; June consumer confidence was -16.7 versus
-18.3.
Other
What
I am reading today
Earth’s magnetic field
weakening in certain areas.
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