Friday July 20 12012 1:17 PM CST
The market is a bit overdone here as it continues to climb this channel.
The Annotation Tool is not cooperating but you get the idea. The market is pulling back again from its upper trendline channel. Gold is actually up on the day, not a great deal. The guys at stockcharts are sounding the gloom and doom drum again. I went back and checked, sure enough they did so June 20 and July 6 as well. I could of course be wrong.
The trillion dollars in college loan debt also contains $150 B in private college loan debt. TMP believes this will equal the sub prime mortgage crisis but probably be a much longer drawn out affair, after all, there is no collateral.
Miami Real Estate gets help from unexpected quarters, the rich flee Argentina and Venezuela.
Wednesday this week I wrote a short piece comparing the probable success of the current Dark Knight movie release this weekend to the 2008 version. I noted that both movies have extremely dark themes, which are likely ging to prove preiescent to a changing negative mood. Joe Morgenstern in Friday's WSJ notes that the reviews by two of his colleagues resulted in death threat comments, no less, on one movie website. Thursday Night fourteen people were killed at a Denver showing of the movie, conincidence I wonder? We have no way of knowing. I based my comments on Mr. Morgenstern's review, I have not seen the movie, but the results are what I was really writing about.
A Generational Mood Shift
Andy Griffith died this month. Terry Teachout reflects on how entertainment has changed since Mayberry. He points to 1962 as the start of that change. 1966 was the top of the 18 year cycle that defined boomers beginning in 1948. ONe might note that the first state sponsored lottery begain in New Hampshire in 1964. Birth Control pills were available at college health clinics by the late 19360s, which ironically kicked off the divorce boom. Today over ten million single women are heads of households.
Time Weighted Algorithmic Programs TWAP
I don't see a link at the on line WSJ but if you are interested enough to read TMP this article on Friday Page C4 July 20 WSJ, These Stocks have Rhythm, Algorithm, That Is, is a must read. The article displays charts of Coke, MCD, and IBM all displayying remarkable similar intra-day patterns. The linkage is that apparently some quantitative program was trading these stocks. I have made numerous references to such programs. We have noted that many rely on 50 and 200 day moving averages. Computer trading is running much of the action.