The Morning Call
7/31/17
The
Market
Technical
The
S&P chart continues to need little comment.
It is going up no matter what measure you use.
The
long Treasury broke below the lower boundary of its very short term downtrend
and remained there long enough to negate the trend. However, it has a lot of
support from both its 100 and 200 day moving averages, the lower boundary of
its short term trading range and the lower boundary of its long term uptrend. If TLT starts breaking these support levels,
it would likely mean bond investors are starting to question the weak economy,
dovish Fed scenario.
The
dollar continues to get hammered and is rivaling GLD’s late 2016 plunge in
ugliness. It also seems clear that
dollar investors are not buying the improving economy, higher interest
narrative.
GLD
maintained its upside momentum, closing above its 100 and 200 day moving
averages, above the lower boundaries of its short term trading range and a very
short term uptrend.
The
VIX bounced hard at the end of last week, closing above the former lower boundaries
of its intermediate and long term trading ranges. The question is, is this rebound a rally
within the established downtrends or was the prior decline an emotional bottom
and those trading ranges are the true trend.
Follow through.
Fundamental
Headlines
The
ticking time bomb in margin debt (medium and a must read):
***overnight,
the July Chinese manufacturing and services PMI’s were below estimates.
Investing for Survival
How
investors fool themselves.
News on Stocks in Our Portfolios
Donaldson (NYSE:DCI) declares $0.18/share quarterly dividend, 2.9% increase from prior dividend of $0.175.
Economics
This Week’s Data
Other
The
ostrich approach to monetary policy (medium):
Politics
Domestic
International
Latest
on North Korea/China/US (medium):
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