Tuesday, August 31, 2010
Monday, August 30, 2010
BULLISH SIGNAL FOR U.S. EQUITIES
I've been perplexed lately given my assertions that:1) the NASDAQ, the Dow and the S&P 500 need to break above their respective MACD trendlines to move higher, and 2) the US dollar is set to weaken. Between the two I surmised a disconnect, specifically whereas I believed a weakened dollar would recharge the bulls. Every index chart I've pulled up, however, demonstrates the same lack of conviction... until I found the Russell 1000 3X Bullish ETF, ticker BGU. $513M of the fund's $726M (70%) is secured as Russell 1000 large swaps - more than 5X the amount held in Goldman's Financial Square Govt Fund. Something's got to give.
Wednesday, August 25, 2010
Monday, August 23, 2010
BUY UK BANKS... NOT SO MUCH US BANKS
HSBC (top left) and Barclays (bottom left) are showing strength while Bank of America (top right) and JP Morgan (bottom right) are not. Also, Santander and Banco Bilbao are showing strength similar to their European counterparts.
MORE WEAK HOUSING EVIDENCE
IYR (left) cannot break above while Pulte (right) broke through a multi-year uptrend. Pulte, Toll Bros., D.R. Horton all look identical. Floor about to drop from underneath them.
GREAT BASIN GOLD
Either way, one trendline will be broken sooner rather than later.
Sunday, August 22, 2010
GENZYME STRENGTH NOT A CLASS EFFECT
Both the IBB (left) and XBI (right) biotech indices have broken the uptrend.
Friday, August 20, 2010
Thursday, August 19, 2010
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