Monday, October 03, 2011

Before the Bell 10/3/11



The Market

Technical

Monday Morning Chartology



As you can see, the S&P is still above the lower boundary of its intermediate term trading range. However, the three consecutive lower highs don’t bode well for future direction. Coupled with the number of our stocks that have either broken down or are on the verge of doing so, it is tough being sanguine.






GLD is holding above the lower boundary of its intermediate term up trend.





The VIX remains at elevated levels, indicating lots of fear and loathing. Not a good sign when combined with all the deterioration in the charts of the stocks in our Universe.




The emerging markets as a leading indicator (medium):
http://www.minyanville.com/businessmarkets/articles/tim-thielen-bear-market-us-dollar/9/30/2011/id/37152



Economics

This Week’s Data

Other


Here is the data covering the recently recession call by the ECRI weekly leading index (medium):
http://advisorperspectives.com/commentaries/dshort_93011.php