Monday Morning Chartology 9/26/11
Steve Cook on Disciplined Investing

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The Market
    
    Technical

     Monday Morning Chartology

    Last week was brutal for stocks.  Nevertheless the S&P held above the August low (1101); so the intermediate term trading range remains in tact.  However, given the power of Wednesday and Thursday’s decline, caution is the word, but a Buying opportunity is being created.




    GLD is last week’s biggest frustration for me.  Specifically, one day it closed on a support level, then next plunge right to the next support level.  Friday’s action is a great example: Thursday it closed on an identifiable support level then collapsed to near the lower boundary of its intermediate term up trend.  Let’s hope my investment decisions are better this coming week.




    The VIX remains in the upper zone of its current trading range.  At the moment, it has little informative value.




    Fundamental
    
     
    The latest on investment strategy from Pimco (long):
    http://advisorperspectives.com/commentaries/pimco_92211.php
 
    Doug Kass’ current thoughts on the Market (medium):
    http://www.thestreet.com/story/11257277/1/kass-low-rates-dont-hold-the-answer.html

    A close look at ‘cash on the sidelines’ (medium):
    http://www.ritholtz.com/blog/2011/09/the-myth-of-cash-on-the-sidelines/

    If you really want to get beared up (medium):
    http://www.zerohedge.com/news/five-banks-account-96-250-trillion-outstanding-derivative-exposure-morgan-stanley-sitting-fx-de

    Equity valuation update (short):
    http://scottgrannis.blogspot.com/2011/09/equity-valuation-update.html
 
Economics

   This Week’s Data

   Other

    This is a very good article discussing the fallacy of the US ‘exporting’ high paying jobs (medium):
    http://cafehayek.com/2011/09/artificial-scarcities-are-not-wealth.html

    Update on the ECRI weekly leading index (short):
    http://advisorperspectives.com/dshort/updates/ECRI-Weekly-Leading-Index.php










Posted 09-26-2011 7:48 AM by Steve Cook