The Morning Call-2/16/10
Steve Cook on Disciplined Investing

Syndication

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News

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Have You Seen This?


The Market
    
    Technical

    Copper as a leading Market indicator (chart):
    http://www.businessinsider.com/chart-of-the-day-copper-vs-sp-500-2010-2?utm_source=Triggermail&utm_medium=email&utm_campaign=CS_COTD_021210

    Historical performance of Market during week of President’s Day (short):
    http://www.bespokeinvest.com/thinkbig/2010/2/12/presidents-day-trading.html

       Tuesday Morning Chartology

    The S&P has closed (just barely) twice in a row above the January to present down trend.




 

    The VIX has broken down from its recent very short term up trend (that should t a positive for stocks); but it remains in a trading range.


 



   Fundamental
   
     
    A graphic look at analysts’ expectations within the consumer sector:
    http://www.bespokeinvest.com/thinkbig/2010/2/12/consumer-sector-divergence.html

    The bear case on Greece, the EU and the world.  Don’t read this if you have a gun handy (long):
    http://www.zerohedge.com/article/albert-edwards-500-net-liabilities-gdp-it-too-late-prevent-collapse-g-7-greece-irrelevant-we


Economics

   This Week’s Data

    The New York Fed’s February index of general business conditions came in at 24.9 versus expectations of 16.0 and January’s 15.9 reading.
    http://www.calculatedriskblog.com/2010/02/ny-fed-manufacturing-conditions-improve.html

   Other

    Any IMF loans to Greece will be partly (20%) Your Money (short):
    http://www.zerohedge.com/article/imf-prepares-action-signs-agreements-three-countries-increasing-borrowing-capacity-72-billio

    More trouble for Greece (short):
    http://www.zerohedge.com/article/titlos-llc-special-purpose-vehicle-downgrade-catalyst-trigger-which-will-destroy-greece

    This is a fantastic piece on the ‘liquidity trap’ and why our current problems have nothing to do with it (medium and today’s must read):
    http://charlesrowley.wordpress.com/2010/02/15/paul-krugman-on-the-liquidity-trap/

    Retail sales growth as an indicator of GDP growth and employment (short):
    http://www.ritholtz.com/blog/2010/02/economic-cheat-sheet-using-retail-sales-to-forecast-gdp-nfp/

Politics

  Domestic

Climategate U turn (short):
http://www.dailymail.co.uk/news/article-1250872/Climategate-U-turn-Astonishment-scientist-centre-global-warming-email-row-admits-data-organised.html

Harvard economist, Greg Mankiw, looks at Obama’s budget:
http://www.nytimes.com/2010/02/14/business/economy/14view.html











Posted 02-16-2010 8:27 AM by Steve Cook