Weekend April 20 2014
Page B 5 in the Weekend WSJ discusses whether the markets are in bubble territory. The conclusion is no. But there it is apparent that the NASD topped this past month and that the markets are gettig more defensive. Energy moves front and center which is usually the final stage of a market run up.
Utilities made a new high, the Energy ETF and XES the Energy Serivces hit new highs, and bonds via TLT moved up. I was expecting a pullback in bonds if stocks advanced which they did Thursday but not much pull back yet in bonds.
Dow Industrials
The high in the Dow was registered December 31 2013. The next month will determine if the markets make one more high. As noted in the column three components were changed in September. The DOW has had nine changes since its top in March 2000. Nothing like manipulation to keep things going along with a $4 Trillion Balance Sheet from the FED.
NYSE Advance Decline Weekly
THere is no sign of a turn down on the most reliable tech indicator, the NYSE A/D line.
Crude Oil, Nat Gas
Crude oil looks poised to challenge its previous highs. Despite all the negative on natural gas, it has risen from $2 and is moving up nicely.
April Time Period
Last year Gold Crashed in this time period.
This year a 7.2 magnitude earthquake hit Mexico City, a ferry sunk off South Korea taking over 200 lives, Russia continues its masked man take over of East Ukraine, and the stand off in Nevada ended but not before armed BLM military style officers confronted the protesters with lethal force.
Major Garrett actually asked President Obama if Putin was mocking both the President and the US Military. Again this fits the 1973-74 pattern of a falling regard for the sitting President.
Thanks for reading The Market Perspective
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