Monday, July 13, 2015

Monday Morning Chartology--Greece surrenders sovereignty, markets rejoice

The Morning Call

7/13/15

The Market
           
    Technical

       Monday Morning Chartology

            After an extremely volatile week, the S&P ended exactly where it began.  Below its 100 day moving average but having recovered above the lower boundary of its short term uptrend and negating Wednesday’s break.   The ‘buy the dip’ crowd obviously still has latent strength; and my thought that an ‘emperor’s new clothes’ moment may be in the offing seems premature.



            The long Treasury rose early in the week as it became a ‘safe haven’ amidst the turmoil in Greece and China, then fell later as it appeared that a  Greek bailout would occur and that the Chinese government would be successful in intimidating sellers into inaction.



            Gold continues to do nothing.  Indeed, even the depths of this week’s pessimism over Greece and China, it barely moved.



            The VIX was off 15% on Friday, having bounced off the upper boundary of its intermediate term downtrend (a plus for stocks).  However, it remains well above its 100 day moving average and the levels of two weeks ago.



    Fundamental
   
            Troika demands that either Greece approve all its requirements by Wednesday before there is any negotiations on what Greece gets or they will implement a five year Grexit.

            More:

            As of this morning:

            China re-opens trading in 400 stocks but busts group of ‘illegal sellers’:

       Investing for Survival

            Insights from Paul Tudor Jones (medium):


    News on Stocks in Our Portfolios
 
Economics

   This Week’s Data

   Other

Politics

  Domestic

  International War Against Radical Islam







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