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?
Monday in the charts.
The July Dallas Fed manufacturing index was reported at -3 versus forecasts of -16.
Declining confidence macroeconomic management.
Update on high frequency indicators of the economy.
Deutschebank projects Fed balance sheet will hit $20 trillion soon.
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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