The Morning Call--With the Fed, hope springs eternal

The Market
Technical

The indices (DJIA 12976, S&P 1372) drifted lower again yesterday, but remain well within their primary trends (1) short term trading ranges [12022-13302, 1266-1422] and (2) intermediate term uptrends [12081-17081, 1273-1853].

Volume rose; breadth continued weak. The VIX declined slightly but was still above the lower boundary of its intermediate term trading range (and the neckline of the developing head and shoulders formation).

GLD fell but remains above the lower boundary of its intermediate term trading range but below the most recent lower high.

Bottom line: the last couple of days of fractional moves down leaves the Averages in the upper quadrant of their short term trading ranges. Our Portfolios are not buyers in this zone. However, a further move up will focus our attention on possible Sell candidates.

The Morning Call-Double the pleasure

The Market
Technical

The indices (DJIA 13073, S&P 1385) were basically flat yesterday, closing within their primary trends: (1) short term trading ranges [12022-13302, 1266-1422] and (2) the intermediate term uptrends [12075-17075, 1271-1851]. By holding recent gains, the 12904/1364 interim resistance level has been negated, leaving the short term trading range upper boundaries as the nearest resistance.

Volume was anemic; breadth deteriorated. The VIX sold off 8% but remains well above the lower boundary of its intermediate term trading range and the neckline of the developing head and shoulders pattern.

GLD was down fractionally, finishing above the lower boundary of its intermediate term trading range.