The Morning Call
6/15/20
The
Market
Technical
As
you know, the S&P had a wild week.
The good news is that it challenged its 200 DMA (support) and
failed. The bad news is that it voided
its very short term uptrend and created an ‘island top’ a negative
technical formation.
The
long bond rallied strongly last week. As
you can see, it is fighting to re-set momentum to the upside. Right now, it seems to be succeeding but
follow through is needed to make that call.
Gold had a decent
week, but still was not able to re-establish upward momentum. It is close.
Stay tuned.
While
the dollar had good days on Thursday and Friday, it has had a terrible
month---setting a very short term downtrend and reverting both DMA from support
to resistance. My assumption is that UUP
is going lower.
The
VIX seems to be pointing to more negative pin action in stocks. It has voided its very short term downtrend
and ended above both its 200 DMA (now support) and its 100 DMA for a second day
(now resistance; if it remains there through the close today, it will revert to
support).
Fundamental
Headlines
The coronavirus
***overnight update.
Fearmongering the
coronavirus.
News on Stocks in Our Portfolios
Economics
This Week’s Data
US
The
June NY Fed manufacturing index came in at -0.2 versus forecasts of -29.8.
International
May
Chinese YoY fixed asset investments fell 6.3% versus estimates of -5.9%;
industrial production was +4.4% versus +5.0%; retail sales were -2.8% versus
-2.0%.
The
April EU trade balance was E2.9 billion versus expectations of E29.8 billion
Other
The
‘V’s are light on the right.
What
I am reading today
A
brief history of Antifa, Part 1.
Quote of the day.
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