Dragonfly Capital Macro Digest for the Week
- Posted by Greg Harmon
- on July 12th, 2013
Every morning, Tuesday through Friday, I try to put out a short perspective on one area of the market that is interesting, if not directly actionable. Here is a sample of this weeks posts:
Gold has been in the dumper since it cracked below the 1550 level in early April. And it does not look like it is going to get better anytime soon. Unless, you trade your Gold in terms of other currencies. There is one famous television commentator….
Back in the beginning of June the broad market was pulling back. There was oodles of debating around whether this was the big one that Roubini, Faber and Prechter have been calling for since, well, forever, just a run of the mill but painful 20% correction, or a modest pullback that should be welcomed, as Ralph Acampora has put it. Then I….
There are many market adages that have grown a life of their own over time. Sell in May and Go Away. A strong Dollar is Bad for Stocks. Gold is a hedge against Inflation. Gold is a store of Value in a Crisis. Most, if not all of them can be proven false if people just looked at the price data before opening …..
The Dow Jones Industrial Average ($DJIA, $DIA) printed a new all-time closing high Thursday. Whether you measure your moves off of intraday highs or on a closing basis, this will inevitably bring to mind Dow Theory for a Technical Analyst. It is like Jelly brings to mind Donut in word association for a normal America, or Beer leads to Pretzel for Germans…..
The SPY continued the move higher over the Simple Moving Averages (SMA) and the trend support/resistance line from the November low. It has the look of a possible Shark Harmonic but the low at 155.73 went beyond the 161.8% limit of the extension lower. The week ended with a Doji Star, signaling indecision, just below resistance at 168. The Relative Strength Index (RSI) on the daily chart is rising and bullish….
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Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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