[12:59pm] Well, that was an interesting week in the capital markets that I missed completely while on vacation in Havana doing something my wife said was unimaginable for me. No, not wanting to meet Fidel; but merely cutting my global communications lifelines, totally. Purposefully I might add. About five straight months, working every single day, 100-hour week after week after week will remove the senses and sensibility out of the youngest and most able person, and I am not that, being closer to 70 than 60. Much closer.
Man, Cuba was a blast. I’ll write about that soon, but this is the Week In Review – your WIR, not mine.
This was a week where, apparently, all went right for the global equity markets and commodity markets, but not so well for the $US Dollar or Treasury markets.
What went right?
• The S&P held support at 880, complete with a false breakdown, and a V bottom.
• The index held the 89- and 200-day moving averages, while recapturing the 50-day MA.
• Earnings reports have generally been positive.
• Strong leadership, with consumer (retail), finance, and tech sectors leading the charge.
• Takes out previous swing high, re-takes Jan and May highs, taking aim at the yearly high of 956.
• Under-invested money managers were forced to chase rising prices, with plenty of cash on the sidelines ready to be deployed if equities continue rising.
What to look for next week:
• Can the S&P at 940.38 make a new high for the year?
• How do stocks react to earnings reports; remember it is not the actual number or guidance; stocks selling off on good news are destined to move lower, while equities gapping lower on a negative report and finishing up on the day are ready to run.
• Are all or most stocks in the sector participating in the move?
• If Bulls press the upside, keep an eye on 1007, which is the November S&P high, and 1013 the .382 retracement of the entire Bear market. Watch how key stocks react at that level; it may take a day before you know the answer.
• Last week’s low is now the line in the sand; any subsequent violation could precipitate a market debacle in the coming months.
• The trend is your friend until it is broken. Simple enough. Use trend lines to stay in the trade.
Should be an interesting few weeks coming up; keep an open mind, letting the market speak to you, as Patrick says.
Now that I have polished my lenses with Crystal, the Cuban light beer, as well as Buccanero, a heavier version, and more than a few mojitos and aniejo (warmed, in a cognac glass, no ice, por favor), you might even say that I rediscovered my crystal ball. For the answer to that one, I guess we’ll have to wait a week or two.
Having been caught in a 1940s and 50s time warp, I’ll have to refer to the charts to tell you what I saw upon my return from the real world.
Actually, that’s what I saw: reality in Cuba and deception back home. Fifty years ago in Cuba there was a revolution against social inequities and the government took control of the people’s lives – their homes, education and healthcare, and jobs. Here, we like to think we are liberated, with capital markets that are free to play, but we know otherwise. So, not wanting to cross the line, we accept social inequity and we make believe that life is beautiful.
The contrast is stark.
But, that’s for writing up sometime later, where I promise to keep it light. Let’s get this WIR started or else I’ll never finish. It’ll be time for my siesta.
Global Economics Review
Weekly International Economic Report.
Econoday reported for the week ending July 17:
Economic data continue to paint a mixed picture — sentiment indexes have taken a step back as consumers pause to reflect while production indexes continue to show the hesitancy of producers to move forward. However there was enough good news to revive some wilting green shoots. In the U.S., improving jobless claims have been distorted by plant closings which took place at times unexpected by the related seasonal adjustments. This week’s earnings reports were also mixed but with several pleasant surprises… Behind this week’s performance have been encouraging signs that the U.S. financial sector is bouncing back to health after better than expected reports from JPMorgan Chase and Goldman Sachs. However, the good news was partially offset by GE’s earnings report and the dire straits that the financial firm CIT finds itself in. The company lends to small and medium-sized businesses and may face bankruptcy after bail-out talks with government stalled… Resource stocks, a big component of several of the indexes followed here, recovered from recent steep declines thanks mainly to the slew of positive data from China, one of the world’s biggest consumers of oil and industrial metals. The country said annual gross domestic product had risen to 7.9 percent in the second quarter, up from 6.1 in the first. And June industrial production gained 10.7 percent on the year, its largest increase in nine months… However, data from Russia was the antithesis of China’s. The Russian economy contracted by 10.1 percent in the first half of this year — its worst decline since the early 1990s. The credit crunch combined with plummeting commodity prices and a gradual rouble devaluation shattered 10 years of rapid growth. However, there are signs that the pace of economic decline is slowing. Industrial production contracted 12.1 percent on the year — the slowest in six months.
Here is the Econoday analysis of the key US economic reports on last week’s calendar.
US Treasury Budget for June. After the release of the data, Econoday reported, “The Treasury budget gap totaled $94.3 billion in June bringing the fiscal year-to-date total, now nine months into the 2009 fiscal year, to $1.1 trillion. The full-year gap is expected to top $1.8 trillion. The year-to-date gap this time last year was only $285.9 billion… Contraction in receipts is steady, at a year-to-date decrease of 17.9 percent in June. But the pace of outlays is increasing, up a year-to-date 20.5 percent. The latest month included special outlays of $25.1 billion for housing and economic stimulus… The run of weak economic news has raised talk of a second stimulus package, one that would be sure to scramble all budget projections. There was no reaction to today's news.”
US Consumer Credit for May. Econoday reported after the data release, “Consumer credit contracted less than expected in May, at $3.2 billion vs. April's mammoth contraction of $16.5 billion ($15.7 billion first reported). May's contraction was centered in revolving credit, at $2.9 billion on top of April's $8.7 billion contraction. Consumers are saving, not spending, and banks are pulling back available credit on credit cards. Non-revolving credit fell $0.4 billion in May. The scarcity of credit and the unwillingness to draw on it are major factors limiting economic improvement, not just in the consumer sector but in the business sector as well.”
US Retail Sales for June. After the data release, Econoday reported, “Retail sales in June came in a little stronger than expected on increases gasoline and motor vehicle sales. Otherwise, sales were soft. Overall retail sales posted a 0.6 percent gain after rebounding 0.5 percent in May. The advance in June topped the market projection for a 0.5 percent increase. Excluding motor vehicles, retail sales gained 0.3 percent, following a 0.4 percent boost in May. The consensus had expected a 0.6 percent increase. The latest increase in overall sales was led by a 5.0 percent surge in gasoline station sales. Excluding motor vehicles and gasoline, retail sales slipped 0.2 percent after easing 0.1 percent in May… Outside of gasoline and motor vehicles, sales were mixed but mostly down. Notably, building materials & garden equipment fell 0.9 percent. Consumers are eating at home more as food services & drinking places also declined 0.9 percent. General merchandise slipped 0.4 percent. On the positive side, gains were led by electronics & appliance stores and by sporting goods, hobby, book & music stores, both gaining 0.9 percent… Overall retail sales on a year-ago basis in June were down 9.0 percent, improving from down 9.8 percent in May. Excluding motor vehicles, the year-on-year rate slipped to down 7.9 percent from down 7.6 percent… The June boost in retail sales shows a sluggish consumer sector once autos and gasoline are discounted. Equities should not be very excited about the numbers after going into the detail. But stocks are focusing on earnings and Goldman Sachs beat estimates sharply before open.”
US Producer Price Index report for June. Following the data release, Econoday reported, “Producer price inflation in June jumped sharply at the headline level due to higher energy costs. The core also was high and largely due to higher motor vehicle prices. The overall PPI spiked 1.8 percent in June, after increasing 0.2 percent in May. The boost in June was sharply above the consensus forecast for a 0.8 percent hike in the headline PPI. The latest gain was led by the energy component which jumped 6.6 percent. The food component also posted a large gain-1.1 percent. Meanwhile the core PPI rate advanced 0.5 percent, coming in much higher than 0.1 percent decline in May. The latest number was stronger than the market expectation for a 0.1 percent gain… Boosting the core rate were a 2.0 percent jump in auto prices and a 3.4 percent surge in light truck prices… For the overall PPI, the year-on-year rate fell to minus 4.3 percent from minus 4.7 percent in May (seasonally adjusted). The core rate year-ago pace firmed to up 3.4 percent from up 3.0 percent the prior month… The latest PPI report was quite strong but largely due to temporary factors. Energy is now in retreat and the spike in auto and light truck prices will not continue. The June PPI is an aberration in the current inflation trend. Bond yields, however, are likely to firm. Stocks are focused on earnings with Goldman Sachs sharply beating estimates before open. Also, retail sales were a little better than expected.”
US Consumer Price Index report for June. After the data release, Econoday reported, “In June, consumer price inflation jumped and on higher gasoline price but other components also added to the spike. The headline CPI surged 0.7 percent, following a 0.1 percent uptick in May. The June rate matched the market forecast. In the latest month, energy costs posted a 7.4 percent hike while food price inflation was unchanged. Meanwhile, core CPI inflation firmed to 0.2 percent in June from a 0.1 percent uptick in May. The market expectation was for a 0.1 percent gain for the core… The 7.4 percent boost in energy costs was due to a 17.3 percent spike in gasoline prices after a 3.1 percent gain in May.. Heating oil rose 2.0 percent while piped gas and electricity declined 1.2 percent… Within the core, new & used motor vehicles advanced 0.4 percent, apparel jumped 0.7 percent, and recreation gained 0.5 percent (largely on admission fees and for cable and for satellite television and radio). Tobacco and smoking products increased 0.8 percent. On the soft side were rent of primary residence and owners' equivalent rent, both rising 0.1 percent… On a year-ago basis, headline inflation dropped to down 1.2 percent (seasonally adjusted) in June from down 1.0 percent in May. Meanwhile, the core rate eased to up 1.7 percent from up 1.8 percent in May. On an unadjusted year-ago basis, the headline number was down 1.4 percent in June while the core was up 1.7 percent… The June CPI report showed temporarily hot headline inflation as the energy component is expected to reverse in July. But some portions of the core were stronger than expected, including apparel and recreation. Also, the CPI for new and used motor vehicles rose significantly… While most of the headline numbers should be shrugged off, the firming in the core should be a little worrisome and likely will weigh on bond prices. There were enough components showing notable increases to question the view that the recession is keeping inflation down. Also, the Empire State manufacturing index posted a nice increase and that should also help bond yields bump up.”
US Empire State Survey for July. After the data release, Econoday reported, “Rates of manufacturing decline are slowing decisively, pointing to a near-term bottoming in the sector and what would be a big plus for the economic outlook. The Empire State general business conditions index is only slightly negative in the July report, at -0.55 vs. -9.41 in June. A zero reading would indicate no month-to-month change, and at least that high of a reading seems certain for the next report given the big improvement in new orders which jumped into positive ground, at 5.89 indicating month-to-month growth vs. a long run of negative readings… Shipments also shifted into growth mode, at 10.97 vs. May's -4.84. Prices paid likewise showed an increase, at 10.42 vs. -5.75 and likely reflecting more than just energy prices which have come down so far this month. Despite the signs of improvement, both here and in other reports, firms continue to de-stock at an accelerating rate with the inventories index at -36.48 vs. -25.29 in May. Thin inventories are not a vote of confidence in the outlook but will help limit future layoffs as demand for future goods will have to be met by production. A mild negative in the report is an easing back in the general six-month outlook where the index fell about 14 points to a still optimistic 33.99… A leveling in the manufacturing sector would not only point to wider economic recovery but would also give a boost to demand for risk. Confirmation of strength in the manufacturing sector could make tomorrow's report from the Philadelphia Federal Reserve a market-moving report.”
US Industrial Production report for June. Following the data release, Econoday reported, “Industrial activity in June continued its downtrend but at a slower pace. Overall industrial production in June fell 0.4 percent, following a revised 1.2 percent drop in May. The decline in June was not as severe as market forecast for a 0.7 percent decrease. The manufacturing component fell 0.6 percent after dropping 1.1 percent in May. For the other major non-manufacturing components in the latest month, utilities rebounded 0.8 percent while mining output declined 0.5 percent… Within manufacturing, the decline was led by motor vehicles & parts which decreased 2.6 percent after plunging 8.2 percent in May. Manufacturing ex autos fell 0.5 percent in June, following a 0.8 percent drop the month before… Overall capacity utilization in June dropped to another record low, declining to 68.0 percent in June from a revised 68.2 percent in May. The June rate came in higher the market forecast for 67.8 percent. Prior to the current recession, the low over the history of this series, which begins in 1967, was 70.9 percent in December 1982… On a year-on-year basis, industrial production in slipped to down 13.6 percent from down 13.5 percent the prior month… Today's report shows manufacturing continuing to contract but at a slower pace, suggesting that the bottom is getting closer. Also, the Empire State manufacturing report earlier this morning showed notable improvement for July. Equities should like the better-than-expected industrial production number. Favorable earnings reports this morning also should add to likely equity gains today.”
US Jobless Claims report for week of July 11. Following the data release, Econoday reported, “Substantial improvement, but improvement tied to seasonal adjustments, is underway in jobless claims where initial claims fell 47,000 to a lower-than-expected 522,000 in the July 11 week (prior week revised to 569,000). The four-week average is down 22,500 to 584,500. Continuing claims really fell, down 642,000 to 6.273 million. But the Labor Department is warning that results for both initial and continuing claims are being affected by prior layoffs in the manufacturing sector, layoffs that are largely seasonal and that happened earlier than usual this year. Stocks and commodities popped higher, but only briefly, in initial reaction to the headline decreases.”
US Philadelphia Fed District report for July. After the data release, Econoday reported, “The road to recovery in the manufacturing sector is bumpy and proving incremental at best. The Philadelphia Fed's business activity index fell back in July to minus 7.5 from minus 2.2 in June. But new orders improved to minus 2.2 from minus 4.8, which points to narrowing rates of decline in other readings in the months ahead. Unfilled orders also show narrowing decreases, at minus 14.6 vs. June's minus 19.6. Declines in input prices, boosted by high energy-related costs, are slowing, at minus 3.5 vs. minus 13.0. But prices for finished goods are not showing any traction with the prices received index falling to minus 21.5 from minus 16.6… Employment remains a serious concern with the index at minus 25.3 vs. minus 21.8 to indicate an increasing pace in layoffs. But manufacturers in the region do see a need for future hirings with the six-month employment index rising slightly to 13.0. Respondents are mostly optimistic on the general outlook with the six-month index at 51.9, down a bit from 60.1 in June but up from May's 47.5… Stocks and commodities fell back in reaction to the headline disappointment. But the results, especially new orders, are in line with Empire State results and more importantly with the ISM national results which are pointing to incremental improvement and a full bottoming for the manufacturing sector sometime in the third quarter.”
US Housing Starts data for June. After the data release, Econoday reported, “Housing starts in June came in unexpectedly strong, continuing a robust gain the month before and indicating that we may have passed the bottom in housing. Starts increased 3.6 percent, following a huge 17.3 percent spike in May. The June pace of 0.582 million units annualized was down 46.0 percent year-on-year and came in well above the market forecast for 0.530 million units. The boost in June was led by the single-family component which advanced 14.4 percent after rising 5.9 percent the month before. However, the multifamily component gave back some of May's surge, falling 25.8 percent after a very strong 65.9 percent boost the month before… By region, the June gain in starts was led by a monthly 33.3 percent jump in the Midwest, followed by a 28.6 percent boost in the Northeast. The West and South declined 14.8 percent and 1.4 percent, respectively… Importantly, permits posted a healthy increase, indicating that the strength in starts over the last two months may not be that much weather related. Permits came in with an 8.7 percent increase in June, following a moderate 4.0 percent rise in May. The June pace for permits at 0.563 million units annualized was down 52.0 percent on a year-ago basis… Today's report shows unexpected improvement in housing and we have another indicator suggesting that we are getting closer to the end of the overall recession. Equities should like the numbers and bond yields should firm.”
Here are the key US economic reports on next week’s calendar.
US Leading Economic Indicators for June. Ahead of the data, Econoday reported, “The Conference Board's index of leading indicators spiked 1.2 percent in May, topping the 1.1 percent jump in April that ended a long run of declines. These gains suggest a bottoming of recession in the months ahead. But looking ahead, we are likely to a moderation of this strength in June. Two of the biggest movers on the upside may be initial claims and housing permits.”
US Jobless Claims for the week ending 7/18. Econoday opined before the data release, “Initial jobless claims fell a sharp 47,000 to 522,000 in the July 11 week. The four-week average is down 22,500 to 584,500. Continuing claims really plunged, dropping by 642,000 to 6.273 million. But the Labor Department warned that results for both initial and continuing claims were affected by prior layoffs in the manufacturing sector, layoffs that are largely seasonal and that happened earlier than usual this year. If not this week, we are likely to see a technical reversal and worsening later this summer.”
US Existing Home Sales for June. Ahead of data release, Econoday reported, “Existing home sales in May advanced another 2.4 percent to a 4.770 million annual rate. The really good news was that supply fell to 9.6 months from 10.1 months in April. While it is unrealistic to expect a surge in sales anytime soon because of the worsening unemployment situation, we may have moved past the bottom in sales. Unfortunately, a notable percentage of sales in the near term will likely be purchases by investors of distressed properties. For June we are likely to see a modest gain based on pending home sales. Although pending home sales edged up only 0.1 percent in May, this uptick followed several months of strong gains, including 7.1 percent in April. Some of this momentum in pending sales (based on down payments) will likely carry through to existing home sales (based on closings) in June.”
US Consumer Sentiment for July. Prior to the data release, Econoday reported, “The Reuter's/University of Michigan's Consumer sentiment index in mid-July fell more than 6 points to 64.6. The expectations component index fell more than 8 points in July to 60.9. The current conditions index also fell, declining nearly 3 points to 70.4. Recent news on the economy has been a little better with equities rebounding and initial jobless claims coming down. But the recent jump in the unemployment rate may still be at the forefront of consumer worries.”
Note that I put much time and effort into organizing and summarizing Econoday’s informative, concise, and objective reports because they actually teach people something that can be used in trading decisions. You must agree that Econoday does a stand-out job. The individual reports contain terrific charts and other information. When I think it is important, I try to add comments, but for the most part, Econoday does an exceptionally fine job.
Summary for the International equity market ETFs
Here are the links to interactive charts from Billcara2.com for the key country ETFs, which you can add technical indicators for as well.
Group 1:
(list one)
(list two)
Group 2:
(list one)
(list two)
Among the international ETFs this week, every one of them except for Japan (EWJ +0.87%) had a gain of +7.24% or more. Putin was proud of Russia’s smack-down gain of +13.0%. Not bad for a week’s work.
Do you think some of that US taxpayer TARP money is going into Russia? Just wondering because I hear those taxpayers are getting pretty upset at the profits
US Equity Markets Review
A week ago in this space, I stated: the US equity markets “were all smashed. Momentum is becoming bearish pretty much across the board.”
But, in the wrap-up, I wrote:
As Mr. Market gets closer to a long-term cycle bottom, it becomes easier on the nerves to write puts. By putting on what some might call stink bids, even if you get filled when the put is exercised, you will end up with very inexpensive stock. If you limit your trades to positions in high quality companies, you will have worse things happen in your life.
This is what I directed my trading desk to do on Monday morning before I ventured off, referring specifically to put writes in the oils and some metals, particularly Alcoa (AA). Those trades worked out very well indeed.
No, we didn’t make nearly as much as passive investors or Goldman Sachs and JP Morgan, but then again, (i) we took almost no risk and (ii) we didn’t have advance notice from the Fed and Treasury. No, for we the people, it’s a case of out of the room, out of the deal. No million dollar bonus for each of us this quarter – unless we can make up some considerable ground in the other 12 weeks we’re fighting in the trenches in hand to hand combat with Humungous Bank & Broker. If only HB&B didn’t have our own money to throw at us, making us take all the risk.
But, as they say, it is what it is. No complaints here as long as we’re free to take our piece.
NASDAQ Composite ino.com chart
NASDAQ Composite stockcharts.com chart
Here is the list of the ten highest-weighted non-financial stocks in the NASDAQ Composite. Put them in a watchlist (see Google Finance Portfolio) and watch them like a hawk:
AAPL MSFT GOOG QCOM RIMM CSCO INTC ORCL GILD EBAY
Daily RSI-7 for the Nasdaq 100 Big-10
Weekly RSI-7 for the Nasdaq 100 Big-10
Monthly RSI-7 for the Nasdaq 100 Big-10
Sector ETF Summary for the US equity market
Here’s the SPY Monthly, Weekly and Daily data charts:
SPY Monthly data: 
SPY Weekly data: 
SPY Daily data: 
The tables I show are for eleven GICS Sector Index Funds (ETF’s), including two for Technology (XLK and SMH), for a total of ten GICS sectors. They cover the full spectrum of the US equity market.
Table 1: Cara ETF List is sorted by price performance Week over Week (W/W), i.e. 1W%N.
| Symbol | Close | 1Day Change |
1Day %Change |
1W %Change |
2W %Change |
4W %Change |
YTD %Change |
3M %Change |
6M %Change |
12M %Change |
You can do this table yourself by entering the following string into the Summary window at Billcara2.com and then clicking on the link for Performance.
SPY XLE XLB XLI XLY XLP IYH XLF XLK SMH IYZ XLU .
You can also add more ETFs - up to 30 in total. For a list of components to many ETFs, go to the AMEX.com and NYSE.com web sites, and click on ETFs.
10 (energy: XLE) 
15 (basic materials: XLB) 
20 (industrial: XLI) 
25 (consumer discretionary: XLY) 
30 (consumer staples: XLP) 
35 (healthcare: IYH) 
40 (financial: XLF) 
45 (technology, semiconductor: SMH) 
50 (telecom: IYZ) 
55 (utilities: XLU) 
Individual Sector ETF Review
For these charts, at points in time when I think that market conditions might be changing, I’ll switch from RSI-7 to the more sensitive (but similarly constructed) indicator called Stochastics. These charts include the %K (fast) and %D (slow) stochastics. It will pay you to look at times when %K is above the %D and rising to stay with your price a bit. Let the force be with you. And when the %K crosses down through %D, it’s time to consider selling or taking other defensive action.
These charts show the numbers and the lines, so it’s not rocket science to follow.
Sector 10 (energy: XLE, IYE, VDE, OIH, PBW and IXC)
Here’s the XLE Monthly, Weekly and Daily data charts:
XLE Monthly data: 
XLE Weekly data: 
XLE Daily data: Table 2: Senior oil & gas equities
| Symbol | Close | 1Day Change |
1Day %Change |
1W %Change |
2W %Change |
4W %Change |
YTD %Change |
3M %Change |
6M %Change |
12M %Change |
This week the price of Crude Oil ($WTIC) lifted +$4.69/bbl (+7.83%) and the oilers (XLE) rallied +8.46% to close at 48.45.
XLE was third strongest performer of the ten sectors, beaten only by Basic Materials (XLB) and Financials (XLF).
(From last week’s WIR) After three weeks of being the worst of ten sectors to perform W/W, this week the improvement was that Energy (XLE -3.32% W/W) was just 8th worst of ten… For the prior three weeks, the Crude Oil price dropped -$6.02/bbl. This week, there was a further loss of -$5.85/bbl (-8.77%) to 60.88. According the XLE has been smashed -17.32% over this time.
As opined a week ago, “How you trade the Oils now depends on whether or not you think the G-8 leaders will decide to continue to prop the market with another reflation play. No pump job, (then) no oil and lube, and no lift for the metals, and probably more weakness for the Financials. What’s left to hold the S&P at 880?”
We’ll just have to wait and see. But, they are, I believe, over-sold.
The big winner this week was Suncor (SU +14.2% after losing -6.4% a week ago). Apache (APA +11.0%) was another and so was Schlumberger (SLB +10.9%).
There were no losers. With a pump job, there usually isn’t – unless of course you count those of us who were not informed in advance.
At least we wrote a lot of puts on the oilers.
Oil & Gas Exploration & Production -Canada
Sector 15 (basic materials: IYM, XLB, IGE and VAW)
Here’s the XLB Monthly, Weekly and Daily data charts:
XLB Monthly data:
XLB Weekly data:
Table 3: Senior Basic Materials:
XLB Daily data:
| Symbol | Close | 1Day Change |
1Day %Change |
1W %Change |
2W %Change |
4W %Change |
YTD %Change |
3M %Change |
6M %Change |
12M %Change |
For the prior four weeks, the loss in Basic Materials (XLB) amounted to -14.13%. Yes, this sector was over-sold. This week XLB was the best performing sector, gaining +9.46% to close at 26.61.
Nine stocks on my monitor gained +11.0% or more. The winners were coal and base metals miner Teck Corp (TCK +36.2%), which I noted might happen after the Chinese acquired a +16% equity position, and steelmaker ArcelorMittal (MT +18.1%).
Sector 20 (industrial: IYJ, XLI, VIS, and IYT)
Here’s the XLI Monthly, Weekly and Daily data charts:
XLI Monthly data: 
XLI Weekly data: 
XLI Daily data:
Table 4: Senior capital goods makers and transportation:
| Symbol | Close | 1Day Change |
1Day %Change |
1W %Change |
2W %Change |
4W %Change |
YTD %Change |
3M %Change |
6M %Change |
12M %Change |
Industrials (XLI +8.01% W/W to 22.38) was another big winner.
A week ago, I wrote, “Brazilian aircraft maker Embraer (ERJ -7.0%) was grounded. The customers do not need as many planes as had been anticipated.”
http://finance.yahoo.com/news/Embraer-prnews-3869997795.html?x=0&.v=101
But this week, ERJ gained +11.7% and Caterpillar (CAT +11.3%) was also a big winner.
Boeing (BA) however flew only +4.3%. I wish I knew the date of the test flight of the new Dreamliner. If all goes well, the stock ought to fly too.
Sector 25 (consumer discretionary: XLY, IYC and VCR)
Here’s the XLY Monthly, Weekly and Daily data charts:
XLY Monthly data: 
XLY Weekly data: 
XLY Daily data:
Table 5: Senior consumer discretionary equities
| Symbol | Close | 1Day Change |
1Day %Change |
1W %Change |
2W %Change |
4W %Change |
YTD %Change |
3M %Change |
6M %Change |
12M %Change |
Consumer Discretionary (XLY +7.56% W/W to 23.77) was strong, led higher by Whirlpool (WHR +24.0%). Other big winners were Brunswick (BC +16.9%), Black & Decker (BDK +14.1%), Ebay (EBAY +13.8%) and Tata Motors (TTM +13.3%).
As in many of the other sectors, I think there were a few shorts being covered.
Despite a weaker Yen (-1.78% W/W), Toyota (TM +2.1%) was a laggard.
Sector 30 (consumer staples: XLP, VDC, RTH and IYK)
Here's the XLP Monthly, Weekly and Daily data charts:
XLP Monthly data: 
XLP Weekly data: 
XLP Daily data:
Table 6: Senior consumer staples equities
| Symbol | Close | 1Day Change |
1Day %Change |
1W %Change |
2W %Change |
4W %Change |
YTD %Change |
3M %Change |
6M %Change |
12M %Change |
Consumer Staples (XLP +4.54% W/W) closed the week at 23.77, which meant this defensive sector was a laggard. Only other defensive stalwarts like Healthcare, Telecom and Utilities were worse. But that’s usually the case when (i) investors and traders are buying risk, and (ii) the market is being pumped by the Interventionist Fed, which is balanced out by losses in the $USD and Treasury prices. The latter, of course, pulls down the Treasuries-loaded Telecom and Utilities companies.
Big winners here were BRF BRASIL FOODS SA (PDA +13.8%). BRF is the new name of the Perdigao and Sadia foot-long combo.
Meanwhile, American foodstores like Krogers (KR flat) were losing market share to wholesalers like BJ’s. The people are just trying to save a dollar.
http://www.reuters.com/article/marketsNews/idINN1533801020090715?rpc=44
Sector 35 (healthcare: IYH, XLV, VHT, IXJ, and IBB)
Here’s the IYH Monthly, Weekly and Daily data charts:
IYH Monthly data: 
IYH Weekly data: 
IYH Daily data:
Table 7: Senior healthcare equities
| Symbol | Close | 1Day Change |
1Day %Change |
1W %Change |
2W %Change |
4W %Change |
YTD %Change |
3M %Change |
6M %Change |
12M %Change |
The Healthcare sector (IYH +3.05% W/W) closed at 54.02, which was the worst sector performer.
The biggest winner here was Novartis (NVS +8.1%), on stories that swine flu is now a pandemic that might kill 75,000 people in the next year. Maybe yes; maybe no.
Sector 40 (financial: IYG, IYF, XLF, VFH, IXG, VNQ, RWR, IYR, and ICF)
Here’s the XLF Monthly, Weekly and Daily data charts:
XLF Monthly data: 
XLF Weekly data: 
XLF Daily data:
Table 8: Senior financial company equities
| Symbol | Close | 1Day Change |
1Day %Change |
1W %Change |
2W %Change |
4W %Change |
YTD %Change |
3M %Change |
6M %Change |
12M %Change |
Financials (XLF +9.37% to 12.14) was second best performer, following a -7% hit in the prior six sessions.
UBS, following last Sunday’s news that the bank and the US Justice Department had gotten the federal court in Miami to postpone a scheduled tax evasion hearing until Aug 3 and 4, gained +14.2%. A week ago, UBS dropped a further -2.43%, all of it on the Friday, which culminated in a two week loss of -10.1%, and four week loss of -21.4%.
As I opined a week ago, “There is no way UBS would cave in to the demands to give up all its records on American clients because that would mean the end of UBS and other Swiss banks that conspire to help Americans evade taxes. So how many billions do you think the fine will be? Ten billion? More? This is big stuff here.”
The biggest winner in the Financials though was India’s ICICI Bank (IBN +16.9%), followed by Citigroup (C +16.6%), UBS, JP Morgan (JPM +14.1%) and Canada’s Royal Bank (RY +12.7%). The laggard here was UBS competitor Credit Suisse (CS +6.8%). Could it be that the US Justice Department will go here next?
A week ago, C plunged -10.1% W/W, and -25.6% over the previous 4 weeks and IBN had dropped -12.7% W/W. JPM had dropped -3.8% on the prior Friday.
Daily charts of electronic brokers and exchanges
Weekly charts of electronic brokers and exchanges
Sector 45 (technology: IGM, IGV, IGW, XLK, VGT, IYW, IGN, IXN, MTK and SMH)
Tech (XLK +8.39% to 19.00) and Semi-conductors (SMH +12.88% to 23.67) also had major gains, led by IBM (IBM +14.5%) and Intel (INTC +17.1%), respectively.
A week ago I had noted in this space that “the semi-conductor stocks (gained) … as June sales contracts (at United Microelectronics UMC) hit the highest level in 11 months.”
This week, SanDisk (SNDK +24.6%) waqs a huge winner. On Monday, Thomas Weisel gave SNDK an overweight rating. Another strong boost came from the Intel numbers later in the week.
Here’s the SMH Monthly, Weekly and Daily data charts:
SMH Monthly data: 
SMH Weekly data: 
SMH Daily data:
Here’s the XLK Monthly, Weekly and Daily data charts:
XLK Monthly data: 
XLK Weekly data: 
XLK Daily data: 
Table 9: Senior technology equities
| Symbol | Close | 1Day Change |
1Day %Change |
1W %Change |
2W %Change |
4W %Change |
YTD %Change |
3M %Change |
6M %Change |
12M %Change |
| Symbol | Close | 1Day Change |
1Day %Change |
1W %Change |
2W %Change |
4W %Change |
YTD %Change |
3M %Change |
6M %Change |
12M %Change |
Sector 50 (telecom: IYZ, VOX and IXP)
Telecom (IYZ +4.36% to 17.46) was third worst performer of the ten sectors. A week ago it was the worst.
The big guys, AT&T (T +2.3%) and Verizon (VZ +3.4%) were 28th and 27th best performers of the 30 components of the DJIA index, all of which were up this week.
Here’s the IYZ Monthly, Weekly and Daily data charts:
IYZ Monthly data: 
IYZ Weekly data: 
IYZ Daily data:
Sector 55 (utilities: IDU, XLU, and VPU)
Here’s the XLU Monthly, Weekly and Daily data charts:
XLU Monthly data: 
XLU Weekly data: 
XLU Daily data:
Utilities (XLU +4.12%) closed at 28.02.
Exelon Corp (EXC +6.4% W/W) was the leader of this group, after stating on Wednesday it might pull its hostile bid for NRG Energy Inc (NRG +5.0% W/W). At that point NRG had hit a high of 25.62, then sagged, closing at 24.39.
http://www.reuters.com/article/marketsNews/idAFN1554036220090715?rpc=44
Here is the list of North American Utilities that I follow:
AEP D DUK ED EXC FE FPL NGG PCG PEG SO TRP
For study purposes, there is a good mix of electric (AEP, D, DUK, FE, FPL and SO), gas (NGG, TRP) and diversified (ED, EXC, PCG, PEG) utilities.
Table 12: US Utilities
| Symbol | Close | 1Day Change |
1Day %Change |
1W %Change |
2W %Change |
4W %Change |
YTD %Change |
3M %Change |
6M %Change |
12M %Change |
Bonds & Yields Review
Table 10: US Treasury Yields
| Maturity | Yield | Yesterday | Last Week | Last Month |
|---|---|---|---|---|
| 3 Month | 0.14 | 0.14 | 0.14 | 0.14 |
| 6 Month | 0.26 | 0.26 | 0.23 | 0.29 |
| 2 Year | 0.99 | 0.97 | 0.89 | 1.16 |
| 3 Year | 1.54 | 1.53 | 1.38 | 1.76 |
| 5 Year | 2.49 | 2.44 | 2.22 | 2.68 |
| 10 Year | 3.65 | 3.57 | 3.30 | 3.69 |
| 30 Year | 4.54 | 4.45 | 4.20 | 4.51 |
| Maturity | Yield | Yesterday | Last Week | Last Month |
|---|---|---|---|---|
| 2yr AA | 0.86 | 0.87 | 0.97 | 1.23 |
| 2yr AAA | 0.87 | 0.83 | 0.66 | 1.10 |
| 2yr A | 1.88 | 2.03 | 2.18 | 2.02 |
| 5yr AAA | 1.75 | 1.74 | 1.76 | 2.27 |
| 5yr AA | 1.96 | 1.93 | 1.92 | 2.38 |
| 5yr A | 2.35 | 2.43 | 2.25 | 2.70 |
| 10yr AAA | 3.46 | 3.45 | 3.25 | 3.41 |
| 10yr AA | 3.41 | 3.31 | 3.29 | 3.55 |
| 10yr A | 3.94 | 3.93 | 3.83 | 4.30 |
| 20yr AAA | 5.12 | 4.87 | 4.96 | 5.26 |
| 20yr AA | 5.25 | 5.02 | 5.25 | 5.44 |
| 20yr A | 4.59 | 4.76 | 4.84 | 5.03 |
| Maturity | Yield | Yesterday | Last Week | Last Month |
|---|---|---|---|---|
| 2yr AA | 2.11 | 2.27 | 1.88 | 2.48 |
| 2yr A | 2.74 | 2.76 | 3.22 | 3.25 |
| 5yr AAA | 2.91 | 2.86 | 2.70 | 3.11 |
| 5yr AA | 3.95 | 3.98 | 3.76 | 4.31 |
| 5yr A | 4.44 | 4.28 | 4.41 | 4.97 |
| 10yr AAA | 4.48 | 4.39 | 4.18 | 4.52 |
| 10yr AA | 5.06 | 5.10 | 4.87 | 5.26 |
| 10yr A | 6.19 | 5.91 | 6.00 | 6.22 |
| 20yr AAA | 6.56 | 6.20 | 5.99 | 6.11 |
| 20yr AA | 6.05 | 5.69 | 5.48 | 5.60 |
| 20yr A | 6.74 | 6.38 | 6.17 | 6.29 |
A week ago, under pressure from media chatter that the Fed was going to drop rates and tighten up the money supply, the US bond market lifted sharply. The 20-year Treasury Bonds (TLT) gained +2.05%.
This week, the Fed obviously pumped new money into the system to stave a collapse in the equity market, and bonds crashed. TLT dropped a staggering -5.19% W/W from 96.23 to a close of 91.24.
The 30-, 10- and 5- year yields rocketed to 4.54, 3.65, and 2.49, from 4.20, 3.30 and 2.22 respectively.
The T-Bill yield closed the week once again unchanged at 0.140. The yields on bills have traded in an extremely tight range for many weeks now. Apparently, this is what the Fed wants.
Here is the $USB 30-year Treasury Bond chart.
Interest rates and bond yields.
Interactive Daily data charts:
Interactive Chart of Interest rates and bond yields.
This chart is stunning to long-term observers of the debt markets.
US Bond Funds -- Interactive Monthly Data Charts SHY Monthly data series chart:
IEF Monthly data series chart:
TLT Monthly data series chart:
AGG Monthly data series chart:
LQD Monthly data series chart:
TIP Monthly data series chart:
US Bond Funds -- Interactive Weekly Data Charts SHY Weekly data series chart:
IEF Weekly data series chart:
TLT Weekly data series chart:
AGG Weekly data series chart:
LQD Weekly data series chart:
TIP Weekly data series chart:
US Bond Funds -- Interactive Daily Data Charts SHY Daily data series chart:
IEF Daily data series chart:
TLT Daily data series chart:
AGG Daily data series chart:
LQD Daily data series chart:
TIP Daily data series chart:
Table 11: Interest-sensitive securities
| Symbol | Close | 1Day Change |
1Day %Change |
1W %Change |
2W %Change |
4W %Change |
YTD %Change |
3M %Change |
6M %Change |
12M %Change |
Fannie (FNM) and Freddie (FRE) closed at 58 and 61 cents respectively. As friend of Barack Obama and Barney Frank, they continue to trade on the NYSE in violation of the NYSE $1 minimum price rule.
http://billcara2.com/tkchart/tkchart.asp?stkname=fnm+fre&cht=Tech+Chart&...
Consumer Finance -USA -- Interactive Weekly Data Charts
Mortgage Finance -USA -- Interactive Daily Data Charts
Commodities Review
After what was a false break below technical support a week ago, this week, courtesy of the Fed, the $CRB index rallied +4.94% to 245.05.
The 50d MA for $CRB is now up to 248.06, and the 200-day MA has dropped to 235.33.
Two weeks ago, I remarked that “the falling price now is right on the rising 50-day MA, which ought to be a measure of technical support”. Then a week ago, I remarked, “It wasn’t”.
Locked and loaded, the Fed came through when and where it counted.
Don’t you think it would be beneficial to social equity (as well as our pocketbooks) if the Fed would pre-announce and show their orders to the people, and not just to JP Morgan Chase, Goldman Sachs et al?
Although I use the $CRB (Reuters/Jeffries Index), principally because it’s the oldest, there are many commodity indexes: http://www.crbtrader.com/crbindex/ • Astmax Commodity Index(AMCI) • Commin Commodity Index • Dow Jones-AIG Commodity Index • Goldman Sachs Commodity Index • Reuters/Jefferies CRB Index • Rogers International Commodity Index • Standard & Poor's Commodity Index • NCDEX Commodity Index • Deutsche Bank Liquid Commodity Index (DBLCI) • UBS Bloomberg Constant Maturity Commodity Index (CMCI)
Here is a link to an article that discusses the major ones that have been around for a while: http://www.rogersrawmaterials.com/overviewandanalysis.PDF
Here is a current price summary of the heaviest weighted commodities contracts: http://money.cnn.com/data/commodities/
These indexes change their component weightings perhaps annually or even monthly, for example: http://www.seekingalpha.com/article/43586-the-new-generation-of-diversif... http://tinyurl.com/a5myfj
Interactive Chart of Weekly CRB Commodities Index:
Interactive Chart of Daily CRB Commodities Index:
Oil Review
A week ago, I reported: “This week, $WTIC dropped -$5.85/bbl (-8.77%) this week to close at 60.88. The loss on the prior Thursday was -3.72%, which has resulted in a terrible six sessions for the Oil Bulls… The 200d MA is now down to 56.45 from 64.84 eight weeks ago, down from 80.84 just sixteen weeks ago… Three weeks ago, I changed my views on Oil and started selling, but now the price appears to be over-sold.”
I didn’t feel bad when on the Monday morning conference call, I directed the trading desk to write puts on several of the oil stocks, which is where I felt most comfortable.
This week, Crude Oil ($WTIC) gained +$4.69/bbl (+7.83%) to close at 64.58.
For $WTIC, the 50-day MA is now at 65.32, up in nine weeks from 51.85. The 200-d MA is 55.41. It will take many weeks, I believe, before we see a bullish cross-over of the rising 50-day MA through the 200-d MA. In other words, I think $WTIC will stay in the 60-75 trading range until the global economy and the US economy in particular starts to grow back to good health.
Here is the e-miNY Dec-07 Crude Oil chart.
Interactive Chart of Weekly Crude Oil:
Interactive Chart of Daily Crude Oil:
Gold & Precious Metals Review
A week ago, in this space, I opined: “Like Oil, we think the precious metals, including gold, are over-sold.” $GOLD had lost -$16.50/oz, closing at 913.00, after losing -$10.40/oz the prior week.
This week $GOLD rallied +$24.40/oz (+2.67%) to 937.40, so the market is basically flat over three weeks. Three weeks ago, I remarked in this space: “At times, (Gold) looks ready to soar, but something is holding it back, probably the Fed, IMF and any number of Interventionists who are concerned that the $USD get too weak too quickly.” Two weeks ago, I added, “To me, the gold market looks nervous as more countries are lining up to work a deal to remove the $USD as the world’s reserve currency.”
So, for $GOLD, the move is likely to move higher now, possibly to $1,000/oz before the Interventionists return. Given that even Congresswoman Nancy Pelosi knows where the Fed gets its money – from the people of course – it must be costing the people a fortune holding down the price of gold. Why not just let it fly free, like the rest of America? (smiley goes here)
At some point, $GOLD will be $1,500, then $2,000, then $2,500. It’s just a matter of time. Time, of course, is the 64 trillion dollar question.
Do you remember America’s once favorite game show, the $64,000 Question? Well, in addition to my snide remark about the inflated 64 trillion dollar question, even that early form of reality TV was buggered by cheaters.
http://en.wikipedia.org/wiki/The_$64,000_Question
http://en.wikipedia.org/wiki/Quiz_show_scandal
Truly, America is a game that plays its people.
The gold 50d Moving Average is now at 938.03 and the 200d MA is 878.45, both rising.
A week ago I wrote, “$XAU, GDX and XGD this week were smashed, losing -7.15%, -8.27% and -6.60%, respectively W/W). But this week, except for the strong move higher on Friday, the $USD was up flat. Without dollar strength on Monday coming, there could be a reversal from an over-sold position… This is a tough market to trade. Let’s see what happens when the $USD falls.”
This week, the $USD dropped -0.91% and right on cue, $GOLD rallied +$24.40.
If only we had known in advance, and weren’t being played. Well, at least some of us saw that $GOLD was over-sold and were not chased from our positions.
Interactive Chart of Weekly Gold EOD Continuous Contract Index:
Interactive Chart of Daily Gold EOD Continuous Contract Index:
Interactive chart of recent trading for the Gold Bullion index.
Spot silver chart for the week
$SILVER gained +$0.71 (+5.64%) to close at 13.40/oz.
A week ago I wrote in this space,
This week, $SILVER plunged -$0.70/oz or -5.27% W/W to close at 12.69. That’s six straight weeks of losses for silver. Friday was a loss of -1.36%... Will Monday be kinder to the precious metals Bulls? It wasn’t this week. But, stay tuned.
For $SILVER, the 50d MA is now 14.17, barely rising, and the 200d MA is 12.23, flat, so silver seems it may be quiet for now. The fact that the price is less than the 50-d MA is a clear negative.
Many technical analysts are looking to the silver market for leadership in the precious metals, and are now calling for a Bear phase. I’m still in the Bull camp, awaiting one more Bull cycle run, although it might be a brief one. I am also reviewing this situation closely because the charts are definitely not bullish.
Earlier this week, I remarked that if the Daily chart wasn’t positive, you can turn to the weekly. That threw some people a curve. It was bad writing on my part. Better I should have said was that since last fall, the prices have been rising, and perhaps the pull-back ought to be taken into this light.
I clearly remember the Ian Notley protocol: when studying trends and cycles of equity prices, start with the Monthly to see which way the tide is flowing; then the Weekly to trade the waves; then the Daily to find the wavelets and ripples for execution purposes. So, in a sense, the meaning is that if you make a mistake with the short-term price, look at the longer term price direction.
The problem we independent traders have today is that we need to trade against Goldman Sachs (and their anonymous co-pilot) and all their computers, people, resources. Prices have been very unstable.
Now you see that experience does pay off, occasionally. KNOW THY ENEMY.
I just wish we could intercept their phone calls from the Fed the way that Goldman Sachs and JP Morgan intercept our orders. You see, they cannot lose. This week’s earnings report from these two companies proves that hypothesis.
As I like to say, proof of concept. Well, it’s no longer concept; it’s fact, and the people are starting to ponder revolution if the government is not prepared to put their foot down.
We need free and honest capital markets. It’s time for the nonsense to end.
Interactive Chart of Weekly Silver EOD Continuous Contract Index:
Interactive Chart of Daily Silver EOD Continuous Contract Index:
Interactive chart of the Silver Bullion index.
$PLATINUM gained +$68.50/oz (+6.18% W/W) to 1176.10, which is a step in the right direction, I suppose.
The 50d MA is now at 1180.91 (up from 1177.94, so rising once again), and the 200d MA is at 1035.72, basically flat.
Spot platinum chart for the week
Interactive Chart of Weekly Platinum EOD Continuous Contract Index:
Interactive Chart of Daily Platinum EOD Continuous Contract Index:
Interactive chart of the Platinum metal index.
$PALL gained +$14.70/oz (+6.23%) to close at 250.75.
The 50d and 200d MA is now at 242.69 (up from 240.26) and 212.23 (basically unchanged from 212.21), respectively, so the present MA prices are still rising, and the current price has moved from “no man’s land” to Bullish territory.
Perhaps I was prescient in writing in this space a week ago,
My thinking, probably skepticism based, is that the Interventionists have pushed down commodity prices as hard as they can before announcing another round of money printing, which they may think is essential to stave a depression. They would be concerned that the money printing on top of commodity prices that a month ago were pushing upper range limits would be received by the public with some hostility. So, knock it down a peg and then watch those prices back into recent trading levels rather than breaking to new high ground.
I have been too busy to read the literature on this, but it’s clearly a feeling I have.
I guess I really didn’t have to go to Cuba this week for a reality check, and a buffing up of my crystal ball.
Anyway, let’s see what next week brings.
Spot palladium chart for the week
Interactive Chart of Weekly Palladium EOD Continuous Contract Index:
Interactive Chart of Daily Palladium EOD Continuous Contract Index:
Interactive chart of the Palladium metal index.
$COPPER contracts gained +21.15 W/W (+9.56%) to close at 242.30.
I suppose there is joy in Zug this weekend.
The 50d and 200d MA’s are 222.95 (up from 220.62 and still rising) and 187.08 (down from 188.90 ie, still falling), respectively, so technically the copper price is still in Bull territory, although barely and within a flat trend.
For those who are keen to study the industrial metals like copper, aluminum and zinc, why not look at the Powershares DBB, which trades on the NYSE.
http://finance.google.com/finance?q=NYSE:DBB
Interactive Chart of Weekly Copper EOD Continuous Contract Index:
Interactive Chart of Daily Copper EOD Continuous Contract Index:
Interactive chart of the Copper metal index.
Table 12: Senior gold equities
| Symbol | Close | 1Day Change |
1Day %Change |
1W %Change |
2W %Change |
4W %Change |
YTD %Change |
3M %Change |
6M %Change |
12M %Change |
The Goldminer indexes and ETFs this week were as follows: $XAU +11.05% to 144.36; GDX +9.96% to 38.64; and XGD +5.49% to 19.42.
A week ago here, I wrote,
The Goldminer indexes and ETFs this week were as follows: $XAU -7.15% to 129.99; GDX -8.27% to 35.14; and XGD -6.60% to 18.41.
As I wrote in this space a week ago, “I had started getting near-term bullish, but along came Thursday when $XAU (-3.00%) and GDX (-2.79%) screeched to a pre-holiday weekend loss as the $USD soared +0.76%... Thanks Timmy. You made my weekend. NOT!”
Traders these days cannot afford to be inactive, which is why we treat as an insult these no-nothing politicians who are on somebody’s payroll, telling us we ought to be paying a speculator tax. You know, many of these same politicians owned many homes in recent years, holding them for rent and re-sale. That had zero to do with price discovery, which is what we active traders are up to.
I’d like to see higher prices for the precious metals in the short-run because that’s the long-term outlook. But, I am also concerned about the holding power of the 880 support in the S&P 500. So, as I remarked here a week ago, “it’s a tough call. Aren’t most of them?”
I figure a lot of people sold their positions to JP Morgan Chase Goldman Sachs et al, otherwise known as Humungous Bank & Broker (HB&B). That’s how those people can pay themselves $30 billion a year in “performance bonuses”, which of course is paid by our people to each of those firms.
Are we mad as hell and not going to take it anymore? Hmmm.
Big movers this week were Agnico-Eagle (AEM +13.2%), Kinross Gold (KGC +12.2%) and Goldcorp (GG +11.7%).
We have a 1.1% position in US Gold (UXG +10.04% W/W) which closed at $2.74 and looks poised to break out to the mid-threes.
http://stockcharts.com/charts/gallery.html?uxg
We’re holding a 1.0% position in Central Fund of Canada (CEF +5.52% W/W to $11.68), which I think could break out at about $12.30.
http://stockcharts.com/charts/gallery.html?cef
We are also holding a +1.5% position in Silver Wheaton (SLW +13.67% W/W to $8.48), which probably has broken out and next needs to move through $9.22, the previous short-term cycle high in June.
http://stockcharts.com/charts/gallery.html?slw
Our gold positions are now at 9.18%, which is about where I’d like to be in a stable market, but well short of the 20%+ positions we held a couple months ago. The diference between the 9.18% and 3.6% total in UXG, CEF and SLW is in short puts and long calls in Randgold, Yamana, Kinross, Pan American Silver, Silver Wheaton, the GDX index, Goldcorp, Barrick, Newmont and Goldfields (in no particular order). US Gold is the only developer, but we are a believer in Rob McEwen and in prospects for the company’s Mexican property. We have carefully studied the recent news releases of drill results.
To show that we are not yet convinced this rally has legs, we are short -9.8% in a number of equity indexes and a further -1.04% in one of the healthcare giants. We are also short -2.2% in Treasury bonds, plus long +3.7% in Energy, +2.75% in Consumer Discretionary, +1.95% in Tech, +0.85% Industrials and +0.5% Financials. I think that’s about it.
To watch the moves in precious metal miners, you will have to monitor the individual stock charts, preferably in real-time, as follows: NEM ABX AU GFI GG HMY AUY KGC BVN
LIHR IAG EGO RGLD GOLD TSE_AGI GSS NG WGW AEM
Here are the key Silver miners and the SLV ETF: SLV SIL SVM CDE HL PAAS SSRI SLW MGN
Here are the Weekly and Daily Data charts of the indexes:
Interactive Chart of Weekly U.S. Goldminers Index:
Interactive Chart of Daily U.S. Goldminers Index:
The U.S. goldminer share trust ETF trades under the ticker symbol GDX.
Here are the U.S. Goldminer ETF (GDX) index Weekly and Daily data charts:
GDX Weekly data:
GDX Daily data:
The Toronto Exchange-listed goldminer iUnits S&P/TSX Capped Gold Index ETF trades under the ticker symbol TSE:XGD.
Just like GDX on the AMEX, you can trade XGD on Toronto.
Here are the Weekly and Daily data charts for the TSX Goldshares (XGD) index:
Interactive Chart of XGD Weekly data:
Interactive Chart of XGD Daily data:
Forex Review
The $USD is a trade-weighted US Dollar index, we used to call the Morgan Dollar.
That was 30-40 years ago. You see; JP Morgan controlled the Fed back then too. Nothing’s changed. Jamie Dimon is just the latest front man. Looks good though doesn’t he.
I believe you cannot trade commodities that are priced in $USD without studying forex movement. So, forex is important.
The Forex market is a multi-trillion dollar marketplace every day, which dwarfs the size of the stock and bond markets. In this market, the Euro/USD is the highest volume trader.
The current value of $USD is a mean value of rate fluctuations of six world currencies (Japanese yen, Euro, British pound, Canadian dollar, Swiss franc and Swedish krona) that each trade against the USD.
The $USD was down this week (-0.91% W/W to 79.51), but there was a gain of +0.46% on the previous Friday.
The 50-day MA of the $USD is now at 80.57 (down from 81.02 and still falling). The 200-day MA is 83.81 (basically flat with the two prior two weeks). The spread continues widening (bearish).
As pointed out repeatedly, a break below 79 or above 83 would be major. I’m not waiting for it, but will watch more closely the inter-related market prices should it happen. I do that for confirmation before taking new positions.
Interactive Chart of Weekly U.S. Dollar Index:
Interactive Chart of Daily U.S. U.S. Dollar Index:
The Euro ($XEU) gained +1.17% this week to close at 140.96, after a loss of -0.66% on the previous Friday.
The 50d MA and 200d MA for the Euro futures are now 139.25 (up from 138.50 and still rising) and 133.38 (down from 133.48 and still falling, but barely), respectively, so the present price is still well above both, meaning the Euro is still in a Bull phase, but needs a rising 200d MA to be called a real Bull.
As the spread narrows, the risks of a short-term reversal move decrease.
Interactive Chart of Weekly Euro Dollar Index, priced in USD:
Interactive Chart of Daily Euro Dollar Index, priced in USD:
The Pound gained +0.73% W/W to close at 163.30. A week ago in this space, I opined that the Pound was “maybe over-sold”.
The 50d and 200d MA is 160.91 (up from 159.54 and still rising rapidly) and 152.82 (down from 153.29 and still falling), respectively, so it is in a short-term Bull phase, about to take on a full Bull definition if, as and when the 200-d MA begins to move higher.
Weekly British Pound Index:
Daily British Pound Index:
Weekly Japanese Yen Index:
The Japanese Yen ($XJY), which “absolutely flew” a week ago (+3.65% against the USD) to close at 108.04, pulled back this week by -1.78% to 106.12.
I remarked that, “Typically, a Bull for the Yen is when I have noticed that gold is under pressure.” So, if you are holding long gold positions you like to see a weak $USD and an even weaker Japanese Yen against the USD.
The Yen’s 50-day MA is now 104.32 (up from 103.79 and rising) and the 200-day MA is 104.67 (up from 104.37 and rising). The current price is well above both the 50d and the 200d MA, so it’s in a Bull relative to the USD.
As I remarked in this space a week ago, “So, let’s watch what happens the next day there is a lower $USD and a Yen that is weaker than the USD. Will $GOLD pop?” Oooh yes.
Daily Japanese Yen Index:
The Canadian Dollar just soared this week (+4.57% to 89.71).
A week ago I wrote in this space,
The Canadian Dollar sank this week (-0.34%), with a loss of -0.31% on Friday, taking the Loonie to a close at 85.79… So the losses continue, which is hard on the gold bulls. Again, let’s see what happens to the price of gold when the Loonie starts to fly.
Trading forex is a dicey game, but the price trends and cycles must be studied nonetheless as they serve as confirmations -- or anomalies -- of other prices… In the latter case, with an anomaly, the relationship needs to be studied further.
The Loonie 50-day MA and 200-day MA are now respectively at 87.92 (up from 87.52 and rapidly rising from 84.57 just six weeks ago) and 83.28 (down from 83.45 and still falling).
For selfish reasons I’d like to see the Loonie at par with the USD because the USD is at par with the Bahamas Dollar. A strong Loonie will make it that much lighter on the pocketbook to come to Cara Bahamas 2010 at Grand Bahama Island, flying WestJet of course.
Of course, a higher Cdn Dollar will hurt in-bound tourism and manufacturing exporters. Traders know that, which is why they study forex market trends and cycles.
Weekly Canadian Dollar Index:
Daily Canadian Dollar Index:
Here is the China Yuan (CNY) chart.
International Equity Markets Review
The international stock exchange indexes made significant gains this week. Obviously Bullish.
Over the past nine weeks, the UK FTSE moved from 4348.1 to 4365.3, 4417.9, 4438.6, 4442.0, 4345.9, 4201.0, 4236.3, 4127.2, and now to 4388.8, which is a big move this week, like many others, but still below where it started.
The German DAX moved from 4737.5, 4918.8, 4940.8, 5077.0, 5069.2, 4839.5, 4776.5, 4708.2, 4576.3, and now well up to 4978.4, which is higher over nine weeks.
Aussie All-Ords moved from 3758.9, 3755.4, 3813.3, 3969.0, 3894.4, 3899.5, 3826.6, 3790.6, and now up to 3992.9, which is stronger than it was nine weeks ago.
HK’s Hang Seng moved from 16790.7, 17062.5, 18171.0, 18679.5, 18889.7, 17920.9, 18600.3, 18203.4, 17708.4, before rising this week to 18805.7, which is still weaker than three, five and six weeks ago. This is an exchange that seems to be able to more accurately forecast trends and cycles than most of the others. So, I continue to watch it closely.
Shanghai moved down from 2645.3, 2597.6, 2632.9, 2753.9, 2743.8, 2880.5, 2928.2, 3088.4, 3113.9 and now to 3189.7 this week, for a healthy nine week run.
Brazil’s Bovespa moved from 49007.2, 50568.5, 53197.7, 53341.0, 55558.2, 51373.8, 51485.6, 50934.7, 49221.0, and now to 52072.5, which is down from where it was five, six and seven weeks ago.
India’s Bombay BSE 30 Sensex index moved from 12173.4, 13887.2, 14625.3, 15103.6, 15237.9, 14521.9, 14764.9, 14913.1, 13504.2 and now to 14744.9, which is a major nine week move, but still down from where it was five and six weeks ago.
Three weeks ago here, I remarked: “Unless the $USD collapses here – say below 79, which would send the Energy, Basic Materials and Industrials higher – I don’t see the broad equity market lifting in the US. A stagnant $USD will also continue to hold $GOLD from a possible move to former highs just above 1000, possibly keeping it in the 940-1000 range.”
Well, as the $USD dropped to 79.51 this week from 79.83 (-0.40%) three weeks ago, gold has moved from 939.90 to 937.40 (-0.27%), and the S&P 500 lifted from 918.90 to 940.88 (+2.39%).
So, yes, there has been a rally in markets, mostly spurred in international markets, at the cost of a slightly lower $USD. I think the $USD has to fall through technical support at 79 to push the international equity markets and gold much higher. Not being in the room with the ex-Goldman Sachs chief economist who now runs the NY Fed, I am, like you, out of the loop. None of us knows. For us, seeing is knowing.
There are 16 country index charts from StockCharts.com (with their formal approval btw) because I think it is important to be watching these markets move through a trend juncture together, and in relation to currency and commodity strength or weakness. I also made some additions to the country-based ETF tables as I intend to focus more on ETF’s in 2009. In time, I will also set up more tables and track the domestic market prices. Now that the Drupal platform is in place, it’s just a matter of time and focus for me to expand these tables, and to possibly have separate blog streams.
Here is the latest session data for the exchanges of the Americas.
Here is the latest chart for the Brazilian Bovespa stock exchange in Sao Paulo.
Brazilian Bovespa stockcharts.com chart
Here is the latest session data for the Toronto Stock Exchange composite index.
Toronto 300 stockcharts.com chart
Toronto CDNX stockcharts.com chart
Europe
Here is the latest session data for the bourses of Europe.
Here is the latest session data for the London stock exchange FTSE.
FTSE 100 stockcharts.com chart
Here is the latest session data for the German DAX.
Here is the latest session data for the French CAC 40.
Here is the latest session data for the Milan Italy stock exchange MIBTEL.
Italian Milan Index stockcharts.com chart
Here is the latest session data for the Swiss market index. Swiss Market Index stockcharts.com chart
Asia-Pacific
Here is the latest session data for the Asia-Pacific stock exchanges.
Here is the latest chart for the Japanese Nikkei 225 index.
Tokyo Nikkei 225 Index stockcharts.com chart
Here is the latest chart for the Singapore index .
Singapore Straits Times Index stockcharts.com chart
Here is the latest chart for the Shanghai Composite index .
Shanghai Composite Index stockcharts.com chart
Here is the latest chart for the Hong Kong Hang Seng index .
Hong Kong Hang Seng stockcharts.com chart
Here is the latest chart for the India BSE 30 index .
Mumbai BSE 30 Sensex Index stockcharts.com chart
Here is the latest chart for the Australian All Ordinaries index .
Sydney All Ordinaries Index stockcharts.com chart
Russia (RTS) stockcharts.com chart
Table 13: International equities via an ETF perspective (in $USD)
| Symbol | Close | 1Day Change |
1Day %Change |
1W %Change |
2W %Change |
4W %Change |
YTD %Change |
3M %Change |
6M %Change |
12M %Change |
Japanese equity market ETF: EWJ
Here is the Japanese (EWJ) equity market ETF Monthly, Weekly and Daily data charts:
U.K. equity market ETF
Here is the United Kingdom (EWU) equity market ETF Monthly, Weekly and Daily data charts:
EWU Daily data: 
Canada’s equity market
Here is the Canadian (EWC) equity market ETF Monthly, Weekly and Daily data charts:
Taiwan’s equity market
Here is the Republic of China/Taiwan (EWT) equity market ETF Monthly, Weekly and Daily data charts:
US Equity Markets Review
In the US equity market, the S&P held 880 support and bounced to a 940.38 close. Figuring that was about to happen, we positioned our accounts in short puts, which gained nicely. But, since we didn’t know it was going to happen, and the general market is still quite unstable, we were a bit light in our positions.
Here is a dozen NASDAQ stocks to watch.
Here is the Monthly data chart of the Interactive Chart of Nasdaq Composite, S&P 500, Dow30, and Russell 2000 (small cap) indexes.
Here is the Weekly data chart of the Interactive Chart of Nasdaq Composite, S&P 500, Dow30, and Russell 2000 (small cap) indexes.
Here is the Daily data chart of the Interactive Chart of Nasdaq Composite, S&P 500, Dow30, and Russell 2000 (small cap) indexes.
Table 14: Dow 30 List
| Symbol | Close | 1Day Change |
1Day %Change |
1W %Change |
2W %Change |
4W %Change |
YTD %Change |
3M %Change |
6M %Change |
12M %Change |
Here are the links to interactive Dow charts from Billcara2.com that I broke into groups of ten, which you can add technical indicators for as well.
(list one)
(list two)
For those of you who are relatively new at trading, or to this blog, why not pull the ten (10) Cara 100 companies out of the DJIA 30 list, and study the links for just these stocks? Keep a hard copy of the Value Line quarterly report plus a record of the Daily-Weekly-Monthly RSI-7 technical indicator. Study up on what the RSI is so you know it and have confidence that it is just like a football game yardstick that shows you how much risk your team is facing when trying to score points. The Cara 100 high-quality company list has the following ten DJIA components:
Wal-Mart (WMT), Disney (DIS), Johnson & Johnson (JNJ), McDonalds (MCD), Exxon (XOM), Boeing (BA), Procter & Gamble (PG), IBM (IBM), Intel (INTC), and United Technologies (UTX)
There is no rocket science to these high-quality companies. In your typical week, you shopped at Wal-Mart and along the aisles, mostly the personal consumer products were from Procter & Gamble, except for maybe the baby powder from Johnson & Johnson. On the way there, you may have filled-up at an Exxon gas station, and on the way home, maybe you stopped for a Big Mac or a salad at McDonalds. Overhead, you watched airplanes from Boeing. If you were in a high-rise building, you probably rode in an Otis elevator from United Technologies. Maybe you no longer have an IBM PC, but you do know the company, and your present PC is likely powered by Intel. Every parent's kids want you to take them to Disney… All in all, this is just life we're talking about here. If you are alive, you know these companies like your children. You probably even see more of them… So, just quickly read those Value Line reports – one per company every 13 weeks – and keep an eye on the RSI (momentum) and MACD (trend)… Those guys on Wall Street may be worth a gazillion dollars, but they didn't do it the way you and I have to do it. So, stop listening to their stories that financial engineering and out-sourcing is what's making America strong. That is such a crock. So, live life, use common sense, do only what you understand, feel comfortable, and you'll be surprised at how quickly you can take control and free yourself of the shackles of HB&B.
Value Line Report(s) this past Friday
This week, Value Line reported on four DJIA components: Alcoa (AA), DuPont (DD), Merck (MRK) and Pfizer (PFE). None of these are Cara 100’s although I respect all of them.
Alcoa [GICS 15, Dow 30]
(AA: Google Finance file)
(AA: Yahoo Finance file)
(AA: StockChart chart)
(AA: Billcara2 chart)
(AA: ADVFN Financial Data)
(AA: Value Line Report Jul. 17: next one is due Oct. 16)
Dupont [GICS 15, Dow 30]
(DD: Google Finance file)
(DD: Yahoo Finance file)
(DD: StockChart chart)
(DD: Billcara2 chart)
(DD: ADVFN Financial Data)
(DD: Value Line Report Jul. 17: next one is due Oct. 16)
Merck [GICS 35, Dow 30]
(MRK: Google Finance file)
(MRK: Yahoo Finance file)
(MRK: StockChart chart)
(MRK: Billcara2 chart)
(MRK: ADVFN Financial Data)
(MRK: Value Line Report Jul. 17: next one is due Oct. 16)
Pfizer [GICS 35, Dow 30]
(PFE: Google Finance file)
(PFE: Yahoo Finance file)
(PFE: StockChart chart)
(PFE: Billcara2 chart)
(PFE: ADVFN Financial Data)
(PFE: Value Line Report Jul. 17: next one is due Oct. 16)
Here is what I wrote about these four DJIA components in WIR #16, thirteen weeks ago:
The two Basic Materials companies, Alcoa and Dupont, ran into the same economic problems caused by the credit market squeeze in September 2008: pullback in consumer spending, inventory glut and subsequent lowering of inventories by dealers. Being somewhat more closely linked to the woes of the North American auto industry heading for bankruptcy, Alcoa was worse hit, and probably facing the longer recovery period.
The two major pharmaceutical companies, Pfizer and Merck, faced a different type of problem. Theirs was the law of big numbers and how weakness in the product pipeline and the loss of patent protection of major drug sellers simply could not enable these companies to grow at former high margins and returns on equity that made them investor favorites.
In the Pfizer and Merck situations, the companies both decided that the mergers and acquisitions route would be the savior. Merck will pay $41 billion in cash and stock to buy Schering-Plough, and Pfizer will pay $68 billion in cash and stock to buy Wyeth.
Contrasted with my comments a week ago with one of the Value Line analysts who I think wasted our time with his useless report, I think Douglas Maurer has done a good job with Pfizer and Merck reports this week. Basically, he is saying (i) the M&A deals are speculative, and only time will tell us how they work out, (ii) the fundamental metrics (timeliness) have weakened for Pfizer, partly due to their cutting the dividend from $0.32 to $0.16 to help pay for the Wyeth deal, (iii) Pfizer is the stronger of the two financially, but will also inherit Wyeth’s legal problems, and (iv) the MRK stock looks, on the basis of growth rates for sales, cash flow, earnings and dividends, and possibly the bigger pull-back in share price in the past 15 months, to offer the most attractive potential annual total return (TR).
Frankly the only company I would touch of these four would be Dupont. I have always liked its diversification, and in recent years the company has managed to lift its returns on equity to a high level. However, at this point with the tough business environment, the stock will likely sidetrack for a time until there is clearer indication that the economic recovery will happen within a year.
I think you could make some money if (a big ‘if’) you wanted to hold the stock for the long-run or you wanted to supplement the 5.8% dividend yield with option premium income from regular put writes when the share price dipped in the short-run. However, with a long-term time horizon, and a commitment to frequent put writes, and waiting to enter at an attractive price (such as the $24.32 price used for the report), I think the Value Line 2012-2014 projected annual total return (TR) of 27% (low) to 34% (high) would be achievable. That’s a positive.
The problem is that DD hit a low of $16.05 on March 9. The price today is $28.42. That’s a gain of +77.1% in just five weeks and there is no discernible improvement in operations or operating conditions. In fact, DD has gained +16.9% since the Value Line report was prepared.
Looking at the chart, I believe the stock could test the 24 level, which showed support eight sessions ago. Depending on many other factors at that point, I might be interested in buying stock and writing puts. Further weakness could take the stock down to 22, but I think the 16 low of March is a thing of the past.
Always before I study a company, I take a quick look at the Monthly-Weekly- and Daily charts. I also look back at my previous notes in the WIR.
Here are the charts for AA ($10.22 7/17 close) ($9.26 4/17):
http://billcara2.com/tkchart/tkchart.asp?stkname=AA&ind=rsi&wt=3
http://billcara2.com/tkchart/tkchart.asp?stkname=AA&ind=rsi&wt=1
http://billcara2.com/tkchart/tkchart.asp?stkname=AA&ind=rsi&wt=0
The RSI-7 for the Monthly/Weekly/Daily is 31.3 / 53.8 / 57.9.
Here are the charts for DD ($27.57 7/17 close) ($28.42 4/17):
http://billcara2.com/tkchart/tkchart.asp?stkname=DD&ind=rsi&wt=3
http://billcara2.com/tkchart/tkchart.asp?stkname=DD&ind=rsi&wt=1
http://billcara2.com/tkchart/tkchart.asp?stkname=DD&ind=rsi&wt=0
The RSI-7 for the Monthly/Weekly/Daily is 43.2 / 60.5 / 76.5.
Here are the charts for MRK ($27.68 7/17 close) ($25.64 4/17):
http://billcara2.com/tkchart/tkchart.asp?stkname=MRK&ind=rsi&wt=3
http://billcara2.com/tkchart/tkchart.asp?stkname=MRK&ind=rsi&wt=1
http://billcara2.com/tkchart/tkchart.asp?stkname=MRK&ind=rsi&wt=0
The RSI-7 for the Monthly/Weekly/Daily is 41.4 / 61.8 / 57.5.
Here are the charts for PFE ($14.96 7/17 close) ($14.16 4/17):
http://billcara2.com/tkchart/tkchart.asp?stkname=INTC&ind=rsi&wt=3
http://billcara2.com/tkchart/tkchart.asp?stkname=INTC&ind=rsi&wt=1
http://billcara2.com/tkchart/tkchart.asp?stkname=INTC&ind=rsi&wt=0
The RSI-7 for the Monthly/Weekly/Daily is 40.9 / 55.5 / 58.0.
Of these four, maybe DD is a bit ahead of itself, but the momentum of this week has not caught hold of the broad market yet, so prices may need to consolidate the gains of this week.
Now as for the latest Value Line studies of these four DJIA components, I made a few observations:
Alcoa (AA) seems to have a higher quality balance sheet than the Value Line rating of B+ suggests. The company cut the quarterly dividend from $0.17 to just $0.03, and is likely to finish 2009 with an annual dividend of $0.26, down from $0.68, which had been paid out for the previous two years. There is likely to be an annual loss of $1.10/share, which would be the company’s first in more than 25 years. Revenues are likely to fall to $17.1 billion from $30.7 billion two years ago, which shows the extent of the damage from the current economic recession.
DuPont (DD) has withstood the ravages of the recession better than many companies, with revenues down about -10%, although earnings are likely to drop this year to 1.80 from 2.73 per share. While the financial strength is rated A++, there is likely to be no increase in dividend ($1.64 again this year).
Merck (MRK) has a financial strength rating of A despite a very strong looking balance sheet. The $1.52 annual dividend will stay unchanged over the past five years. As the share price drops, the dividend yield rises to a solid number for conservative income accounts, so the share price is fairly well protected.
Pfizer (PFE) is now rated like DuPont as the financially safest of this group, although the balance sheet rating is a bit softer at A+.
All in all, these four companies are uninteresting to me. None are Cara 100.
The Dow 30 Company links in chronological order of the upcoming reports.
United Technologies [GICS 20, Dow 30, Cara 100]
(UTX: Google Finance file)
(UTX: Yahoo Finance file)
(UTX: StockChart chart)
(UTX: Billcara2 chart)
(UTX: ADVFN Financial Data)
(UTX: Value Line Report Apr. 24: next one is due Jul. 24)
Caterpillar [GICS 20, Dow 30]
(CAT: Google Finance file)
(CAT: Yahoo Finance file)
(CAT: StockChart chart)
(CAT: Billcara2 chart)
(CAT: ADVFN Financial Data)
(CAT: Value Line Report Apr. 24: next one is due Jul. 24)
Coca Cola [GICS 30, Dow 30]
(KO: Google Finance file)
(KO: Yahoo Finance file)
(KO: StockChart chart)
(KO: Billcara2 chart)
(KO: ADVFN Financial Data)
(KO: Value Line Report May 1: next one is due Jul 31)
Kraft Foods [GICS 30, Dow 30]
(KFT: Google Finance file)
(KFT: Yahoo Finance file)
(KFT: StockChart chart)
(KFT: Billcara2 chart)
(KFT: ADVFN Financial Data)
(KFT: Value Line Report May 1: next one is due Jul 31)
Wal-Mart [GICS 30, Dow 30, Cara 100]
(WMT: Google Finance file)
(WMT: Yahoo Finance file)
(WMT: StockChart chart)
(WMT: Billcara2 chart)
(WMT: ADVFN Financial Data)
(WMT: Value Line Report May 8: next one is due Aug 8)
Disney [GICS 25, Dow 30, Cara 100]
(DIS: Google Finance file)
(DIS: Yahoo Finance file)
(DIS: StockChart chart)
(DIS: Billcara2 chart)
(DIS: ADVFN Financial Data)
(DIS: Value Line Report May 15: next one is due Aug. 15)
3M Company [GICS 20, Dow 30, Cara US 100 June 25-06]
(MMM: Google Finance file)
(MMM: Yahoo Finance file)
(MMM: StockChart chart)
(MMM: Billcara2 chart)
(MMM: ADVFN Financial Data)
(MMM: Value Line Report May 15: next one is due Aug. 15)
American Express [GICS 40, Dow 30]
(AXP: Google Finance file)
(AXP: Yahoo Finance file)
(AXP: StockChart chart)
(AXP: Billcara2 chart)
(AXP: ADVFN Financial Data)
(AXP: Value Line Report May 22: next one is due Aug. 22)
Bank of America [GICS 40, Dow 30]
(BAC: Google Finance file)
(BAC: Yahoo Finance file)
(BAC: StockChart chart)
(BAC: Billcara2 chart)
(BAC: ADVFN Financial Data)
(BAC: Value Line Report May 22: next one is due Aug. 22)
JP Morgan [GICS 40, Dow 30]
(JPM: Google Finance file)
(JPM: Yahoo Finance file)
(JPM: StockChart chart)
(JPM: Billcara2 chart)
(JPM: ADVFN Financial Data)
(JPM: Value Line Report May 22: next one is due Aug. 22)
Microsoft [GICS 45, Dow 30]
(MSFT: Google Finance file)
(MSFT: Yahoo Finance file)
(MSFT: StockChart chart)
(MSFT: Billcara2 chart)
(MSFT: ADVFN Financial Data)
(MSFT: Value Line Report May 22: next one is due Aug. 22)
Johnson & Johnson [GICS 35, Dow 30, Cara 100]
(JNJ: Google Finance file)
(JNJ: Yahoo Finance fle)
(JNJ: StockChart chart)
(JNJ: Billcara2 chart)
(JNJ: ADVFN Financial Data)
(JNJ: Value Line Report Feb. 27: next one is due Aug 29)
McDonalds [GICS 30, Dow 30, Cara 100]
(MCD: Google Finance file)
(MCD: Yahoo Finance file)
(MCD: StockChart chart)
(MCD: Billcara2 chart)
(MCD: ADVFN Financial Data)
(MCD: Value Line Report Jun. 5: next one is due Sept. 4)
Chevron Corp [GICS 10, Dow 30]
(CVX: Google Finance file)
(CVX: Yahoo Finance file)
(CVX: StockChart chart)
(CVX: Billcara2 chart)
(CVX: ADVFN Financial Data)
(CVX: Value Line Report Jun. 12: next one is due Sept. 11)
ExxonMobil [GICS 10, Dow 30, Cara 100]
(XOM: Google Finance file)
(XOM: Yahoo Finance file)
(XOM: StockChart chart)
(XOM: Billcara2 chart)
(XOM: ADVFN Financial Data)
(XOM: Value Line Report Jun. 12: next one is due Sept. 11)
Boeing Co [GICS 20, Dow 30. Cara 100]
(BA: Google Finance file)
(BA: Yahoo Finance file)
(BA: StockChart chart)
(BA: Billcara2 chart)
(BA: ADVFN Financial Data)
(BA: Value Line Report Jun. 19: next one is due Sept. 18)
AT&T [GICS 50, Dow 30]
(T: Google Finance file)
(T: Yahoo Finance file)
(T: StockChart chart)
(T: Billcara2 chart)
(T: ADVFN Financial Data)
(T: Value Line Report Jun. 26: next one is due Sept. 25)
Verizon [GICS 50, Dow 30]
(VZ: Google Finance file)
(VZ: Yahoo Finance file)
(VZ: StockChart chart)
(VZ: Billcara2 chart)
(VZ: ADVFN Financial Data)
(VZ: Value Line Report Jun. 26: next one is due Sept. 25)
Procter & Gamble Co. [GICS 30, Dow 30, Cara 100]
(PG: Google Finance file)
(PG: Yahoo Finance file)
(PG: StockChart chart)
(PG: Billcara2 chart)
(PG: ADVFN Financial Data)
(PG: Value Line Report Jul. 3: next one is due Oct. 2)
Home Depot [GICS 25, Dow 30]
(HD: Google Finance file)
(HD: Yahoo Finance file)
(HD: StockChart chart)
(HD: Billcara2 chart)
(HD: ADVFN Financial Data)
(HD: Value Line Report Jul. 3: next one is due Oct. 2)
General Electric [GICS 20, Dow 30, ex-Cara 100]
(GE: Google Finance file)
(GE: Yahoo Finance file)
(GE: StockChart chart)
(GE: Billcara2 chart)
(GE: ADVFN Financial Data)
(GE: Value Line Report Jul. 10: next one is due Oct. 9)
Hewlett-Packard [GICS 45, Dow 30]
(HPQ: Google Finance file)
(HPQ: Yahoo Finance file)
(HPQ: StockChart chart)
(HPQ: Billcara2 chart)
(HPQ: ADVFN Financial Data)
(HPQ: Value Line Report Jul. 10: next one is due Oct. 9)
IBM [GICS 45, Dow 30, Cara 100]
(IBM: Google Finance file)
(IBM: Yahoo Finance file)
(IBM: StockChart chart)
(IBM: Billcara2 chart)
(IBM: ADVFN Financial Data)
(IBM: Value Line Report Jul. 10: next one is due Oct. 9)
Intel [GICS 45, Dow 30, Cara 100]
(INTC: Google Finance file)
(INTC: Yahoo Finance file)
(INTC: StockChart chart)
(INTC: Billcara2 chart)
(INTC: ADVFN Financial Data)
(INTC: Value Line Report Jul. 10: next one is due Oct. 9)
Alcoa [GICS 15, Dow 30]
(AA: Google Finance file)
(AA: Yahoo Finance file)
(AA: StockChart chart)
(AA: Billcara2 chart)
(AA: ADVFN Financial Data)
(AA: Value Line Report Jul. 17: next one is due Oct. 16)
Dupont [GICS 15, Dow 30]
(DD: Google Finance file)
(DD: Yahoo Finance file)
(DD: StockChart chart)
(DD: Billcara2 chart)
(DD: ADVFN Financial Data)
(DD: Value Line Report Jul. 17: next one is due Oct. 16)
Merck [GICS 35, Dow 30]
(MRK: Google Finance file)
(MRK: Yahoo Finance file)
(MRK: StockChart chart)
(MRK: Billcara2 chart)
(MRK: ADVFN Financial Data)
(MRK: Value Line Report Jul. 17: next one is due Oct. 16)
Pfizer [GICS 35, Dow 30]
(PFE: Google Finance file)
(PFE: Yahoo Finance file)
(PFE: StockChart chart)
(PFE: Billcara2 chart)
(PFE: ADVFN Financial Data)
(PFE: Value Line Report Jul. 17: next one is due Oct. 16)
Wrap-up:
Documentary filmmaker Michael Moore is working on a new film about Humungous Bank & Broker (HB&B) that will be released October 2. While I have never cared to see any of his movies, and it may not be as interesting as the photos and video I took on my vacation week, I am looking forward to Moore’s next one.
http://en.wikipedia.org/wiki/Michael_Moore
When America is faced with reality, will anything change? I suppose we can hope for that too.
On the local scene, yesterday’s party here for about 150 guests was really well done. I must say the young guys around this complex know how to put on a good time. Even the Sandals crowd was looking over, envious for sure.
Considering I shut myself off from anything but Convertible Cuban Pesos this past week, I am surprised it didn’t take me long to write up this Week In Review.
I am now off to a swim and BBQ. Enjoy the rest of your weekend.
