Monday, June 16, 2014

Monday Morning Chartology

The Morning Call

6/16/14

The Market
           
    Technical

       Monday Morning Chartology

            Last week’s Iraqi related sell off did nothing to alter the strong long term technical picture of the S&P.  There may be more short term weakness; but all systems are ‘go’ for an assault on the upper boundary of its long term uptrend and possibly the 1700 mark.



            The long Treasury challenged the lower boundary of its short term uptrend, then managed to close back above it on the last day of the time element of our time and distance discipline.  That leaves the uptrend in tact; but it also keeps the question open as to what the bonds guys are discounting that doesn’t jive with the stock jockeys.



            GLD is trying to break that short term downtrend.  For the moment though, I am just watching.



            The VIX continues to indicate an upward bias to stocks.



            The stock market performance before and after the June ‘triple witching’ (short):

            Update on ‘the best stock market indicator ever’:
           
    Fundamental
    
            Report says central banks now have $29 trillion invested in the global equities markets (short and today’s must read):

            Are we now ‘all in’? (short):

      News on Stocks in Our Portfolios
 
            Medtronic is buying Covidien:

Economics

   This Week’s Data

            The June New York Fed manufacturing index came in at 19.28 versus expectations of 15.0 and 19.01 reported in May.

   Other

            El Nino is coming; here is what to expect (short):

            More on the metal re-hypothecation problem in China (medium):

Politics

  Domestic

Monday morning humor from Seinfeld (2 minute video):

More on student loans (medium):

  International

            The latest from Iraq (medium):

            The latest from Ukraine (short):





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