I don’t have to tell you that it was all wine and roses last week.
Monday Morning Chartology
The S&P is now in a short term uptrend (1397-1474) and an intermediate term uptrend (1303-1863). The next visible resistance level, other than the upper boundaries of the two uptrends, is 1576.
And this S&P chart showing periods of prior Fed easing:
GLD remains in a short term uptrend and an intermediate term trading range.
The VIX continues its decent in both a short term and very short term downtrend---which bodes well for stocks. It is close to challenging the lower boundary of its intermediate term trading range.
Update on ‘the best stock market indicator ever’:
Investors got all they wanted last week: (1) German court supported the EU bail out [sort of], and (2) the Ber-nank cast his vote for President, kicking in the after burners on the printing presses. My only comment is one that you have heard before: it has already been established beyond a shadow of a doubt that throwing money at our and the EU problem has solved nothing; so why do we keep doing the same thing expecting a different result?
Meanwhile the bleeding hasn’t stopped in Spain (medium):
ECRI founder says we are now in a recession (medium):
Strategic Stock Investments is to help other investors build wealth and benefit from the investing lessons he learned the hard way.