Monday, April 13, 2015

Monday Morning Chartology

The Morning Call

4/13/15

The Market
           
    Technical

       Monday Morning Chartology

            The S&P continues to trade in a narrow range.  It did finish the week above the lower boundary of a very short term uptrend and its 100 day moving average; so there is some momentum to the upside.  However, there are still overhead barriers (the downward sloping black trend line, the late February high) that have to be breached before it can take on the upper boundary of its long term uptrend.



            The long Treasury remains within a short term trading range, intermediate and long term uptrends and above the 50 day moving average.  Note the very short term trading range (the horizontal black lines).



            GLD is still struggling.  It closed within short and intermediate term trading ranges, a long term downtrend and below its 100 day moving average.  It broke below the lower boundary of a developing very short term uptrend on Thursday but then recovered on Friday.  A lot of work remains to be done for this chart to look positive.



            The VIX fell on Friday, ending below the lower boundary of that pennant formation to which I have been referring for the last couple of weeks.  A close below it today would break the pattern to the downside, suggesting more downside (and more upside to stocks).  On the other hand, it is not that far from the lower boundaries of its short and long term trading ranges---the latter should offer some serious resistance.  I continue to think that at these prices it represents cheap portfolio insurance.



    Fundamental
   
            Getting out of the mess the Fed has made for itself (medium):

       Investing for Survival

            The paradox of diversification (medium):


      News on Stocks in Our Portfolios
 
Economics

   This Week’s Data

   Other

            More fallout from the bankrupt Austrian bank (medium):

Politics

            Quote of the day (short);

  Domestic

  International War Against Radical Islam

            Krauthammer on the Iran nuke deal (medium):





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