The Market
Technical
Monday Morning Chartology
The S&P short term trading range is marked by the brown lines. The purple line is the lower boundary of the intermediate term uptrend. The red line is the 50 day moving average.
The GLD intermediate term trading range is marked by the purple lines. The short term trading range is bordered by the brown line on the bottom and the upper purple line on the top. Notice the continuing development of the reverse head and shoulders.
Institutional holdings of gold decline to a low (short):
http://www.zerohedge.com/news/funds-cut-positions-gold-4-and-silver-20-gold-positions-3-year-low
The VIX intermediate term trading range is marked by the purple lines. The short term trading range is bordered by the lower purple line on the bottom and the brown line on the top. The VIX also looks like it trying to form a reverse head and shoulders.
Update on ‘the best stock market indicator ever’:
http://advisorperspectives.com/dshort/guest/John-Carlucci-Best-Indicator-Ever-Update.php
Fundamental
Why the current debate about growth versus austerity is bogus (medium and today’s must read):
http://www.zerohedge.com/news/give-austerity-chance-growth-spending-failed
News on Stocks in Our Portfolios
More quarterly earnings per share reports:
Reported Expected
Chevron $3.27 $3.22
Economics
This Week’s Data
March personal income rose 0.4% versus expectations of a 0.3% increase; personal spending was up 0.3% versus estimates of up 0.4%.
Other
Manufacturing continues to perform well (medium):
http://mjperry.blogspot.com/2012/04/phenomenal-gains-in-manufacturing.html
Thoughts on why economic growth has been so slow (medium):
http://scottgrannis.blogspot.com/2012/04/thoughts-on-why-real-growth-has-been.html
Finance in denial (medium):
http://www.nakedcapitalism.com/2012/04/morgan-sandquist-finance-in-denial.html
US companies borrowing at home, hiring abroad (medium):
http://www.zerohedge.com/news/us-companies-are-furiously-creating-jobs-abroad
Politics
Domestic
Atrocities Prevention Board? Give me a break (medium):
http://www.washingtonpost.com/opinions/while-syria-burns/2012/04/26/gIQAQUC0jT_story.html
Debunking the bailout myths (medium):
http://www.ritholtz.com/blog/2012/04/debunking-bailout-myths/
Federal Reserve smack down (this week’s must read):
http://www.zerohedge.com/news/robert-wenzels-david-speech-crushes-federal-reserves-goliath-dream
Monday morning humor (2 minute video):
http://www.theglobeandmail.com/news/video/video-jimmy-kimmel-rips-on-obama-secret-service/article2417168/
Steve Cook received his education in investments from Harvard, where he earned an MBA, New York University, where he did post graduate work in economics and financial analysis and the CFA Institute, where he earned the Chartered Financial Analysts designation in 1973. His 40 years of investment experience includes institutional portfolio management at Scudder, Stevens and Clark and Bear Stearns. Steve's goal at Strategic Stock Investments is to help other investors build wealth and benefit from the investing lessons he learned the hard way.
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