Monday, September 12, 2011

Before the Bell 9/12/11



The Market Technical

Monday Morning Chartology


Friday looked like just another test of the lower boundary of the short term up trend; and indeed, that may be it. However, the discordant performance of the DJIA, falling below the lower boundary of its short term up trend introduces an extra element of uncertainty. So I want to see a rebound of both before committing capital.







Thank heavens for GLD.





Here is an interesting perspective on gold (medium):
http://www.minyanville.com/businessmarkets/articles/gold-gold-price-gold-rage-gold/9/9/2011/id/36792

While the VIX closed at the upper end of its current trading range, it doesn’t have the look of an ‘end of the world’ scenario.






Economics

This Week’s Data

Other
On the effectiveness of Operation Twist (medium):
http://www.zerohedge.com/news/usefulness-operation-twist-straight-horses-mouth

A eurozone calendar of upcoming events (short):
http://www.zerohedge.com/news/key-upcoming-dates-european-denouement-and-complete-eurozone-cheatsheet

The latest money supply data and what it is telling us (medium):
http://www.zerohedge.com/news/key-upcoming-dates-european-denouement-and-complete-eurozone-cheatsheet

Politics

Domestic


The fallacy of Buffett’s tax rate argument (medium):
http://www.nytimes.com/2007/07/15/business/yourmoney/15view.html?adxnnl=1&adxnnlx=1315595034-yJ2CzVoRlFpRtenWEVAKMQ

International War Against Radical Islam

Charles Krauthammer on the war on terror (medium):
http://www.washingtonpost.com/opinions/the-911-overreaction-nonsense/2011/09/08/gIQAc727CK_story.html