The Morning Call
3/30/15
The Market
Technical
Monday Morning Chartology
The
S&P rose Friday, enough to close above its 100 day moving average but not
enough to end above the lower boundary of its very short term uptrend; thereby
negating that trend. It remains within
uptrends across all timeframes. To keep
the near term technical picture muddled, the Dow closed right on the lower boundary
of its very short term uptrend, erasing the break and leaving within that
trend. However, it could not regain its
100 day moving average.
The
long Treasury rallied on Friday, but not enough to regain the lower boundary of
a very short term uptrend; thus, negating that trend. The good news is that
Wednesday’s high was higher than the previous bounce which seems to indicate
that the decline off the January high is over.
It remained within a short term
trading range, intermediate and long term uptrends and above its 100 day moving
average.
GLD
was down on Friday, remaining within short and intermediate term trading
ranges. Notice it touched and then
retreated from its 100 day moving average.
GLD still has a lot of work to do before its chart gets healthy.
The
VIX fell Friday, but ended within a short term trading range, an intermediate
term downtrend, below its 50 day moving average and within a developing pennant
formation. I still think it cheap
insurance for traders.
Fundamental
Update
from Greece (medium):
***overnight
,a rumor suggested that the Bank of China was prepared to lower interest rates
again---you know, because the first two times were so successful. Later the rumor was denied.
Investing
for Survival
Memories
shape your reaction to the Market (medium):
News on Stocks in Our Portfolios
Economics
This Week’s Data
February
personal income rose 0.4% versus expectations of up 0.3%; personal spending
increased by 0.1% versus estimates of +0.2%; the PCE deflator was +0.1%, in
line.
Other
Signs
of improvement in Europe (short):
Politics
Domestic
International
What
price an Iran deal? Another example of
our failing foreign policy (medium):
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