The Morning Call
7/28/20
The
Market
Technical
The Averages (26584, 3239) recouped some of the decline of
last Thursday and Friday. The S&P
finished back above its June high; the Dow not. Volume was flat, breadth improved. So, it was a ho hum day, technically speaking. But I am sticking with my assumption that the
Market’s bias is to the upside.
Gold spiked 2% on
big volume, making another new nine year high.
The long bond was down fractionally, but there was no break in its
upward momentum. The dollar gapped down ¾%. The pin action in both GLD and UUP suggested
that they were getting directionally overextended. Some backing and filling would not be
surprising.
Gold hitting new
highs.
Gold’s message:
the world economy is in trouble.
What dollar collapse?
Plus.
Monday in the
charts.
Fundamental
Headlines
The
Economy
US
The July Dallas
Fed manufacturing index was reported at -3 versus forecasts of -16.
International
Other
Declining confidence macroeconomic management.
Update on high frequency indicators of the
economy.
The
Fed
Deutschebank projects Fed balance sheet will
hit $20 trillion soon.
China
US/China trade war heating up.
Bottom
line. Have equities become a bubble.
News on Stocks in Our Portfolios
What
I am reading today
The ‘super weird’ moons
of Mars.
America’s
major cities are being turned into war zones.
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