Looking for an upper boundary to the trading range
Steve Cook on Disciplined Investing

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Economics

   This Week’s Data

    March retail sales declined 1.1% from February versus expectations of a .2% decrease; ex autos, sales were off .8% versus forecasts that they would be unchanged.
    http://www.calculatedriskblog.com/2009/04/retail-sales-decline-in-march.html

    The March producer price index (PPI) fell 1.2% versus estimates of a drop of .1%; core PPI, came in unchanged versus an anticipated .1% increase.

   Other

    The inflationary implications of Bernanke’s policy:
    http://www.bloomberg.com/apps/news?pid=20601109&sid=a8tjEzB.d.kU&

Politics

  Domestic

More stupid government policy:
http://econompicdata.blogspot.com/2009/04/taxpayers-subsidizing-paper.html

  International War Against Radical Islam

The Market
    
    Technical

    Percentage of stocks above their 50day moving average:
    http://bespokeinvest.typepad.com/bespoke/2009/04/percentage-of-stocks-above-50day-moving-averages-1.html

    A look at current short interest:
    http://bespokeinvest.typepad.com/bespoke/2009/04/mixed-signals-on-march-short-interest-report.html


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    The indices (DJIA 8057, S&P 856) closed above the DJIA 7949, S&P 834 resistance level in search of the upper boundary of a new trading range.  The next most easily identifiable potential resistance level is DJIA 8401, S&P 876.  Minor support exists at DJIA 7437, S&P 740 with the March lows (DJIA 6432, S&P 666) representing major support.

   Fundamental
   
    Goldman Sachs reported earnings last night.  Some thoughts on how they were earned:
    http://www.ritholtz.com/blog/2009/04/taxpayer-funded-gs-profits/

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Posted 04-14-2009 8:27 AM by Steve Cook
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