Weekend May 3, 2014
NYSE A/D Line
You can read all you want about the jobs report, Janet Yellen's latest pontification, what the Reds and B Blues and Move On,Org and Drugdge are saying, you can read Minyanville and Motley Fool
but until this line turns down we are still in a bull market.
We are in the 1973 + 40 = 2013-2014 40 yera cycle and that suggests we ought to see some sort of top during this seasonal May Month.
EEP
Wow Yes I own EEP but obviously not enough. OKS and TCP have had great runs and look ready for a pull back.
TLT
We had the right idea on bonds a few weeks back, a buill run for sure. Why are yields falling and bond prices rising in a bull stock market? Recall that this market fell on the left side when the FED announced less bond buying. What does the bond market know? Could this be affirmation of an expected May top in stocks?
London FTSE
London looks more like our market than most, France look awful as does Italy. Did you notice the artcile on Italy in the WSJ this week-it took 40 years to get a grocery store building permit?
The NASD is not nearly as overdone as it was in 2000 bbut it is rather high above the
MAs.
Bottom Line
We are still focused on some sort of topping action in the stock market in May.
Social Mood
IMDb states that born in 1967 Julia Roberts never knew she would grow up to be, are you ready, the most popular actress in America.
Neither did I. But hte slick WSJ Monthly Magazine literally swoons over her. Really?
Quick name me your favorite Julia Roberts blockbuster, or ensemble film or Woody Allen flick or well somehting since Pretty Woman and Steel Magnolias (actually I only remembered Daryl Hannah and Olympia Dukakis from that one...)
Now honestly have you beeen burning through your investment earnings buying tickets to see J Roberts flicks? Her latest will be an HBO show about AIDS. Okay. I do see a string of films on imdb.com but honestly I have clearly let her career slip past me.
I mean, who knew?
I will be out of town the next few days visiting one of my oldest friends. A Viet Nam vet, two tours as a Green Beret, mustering out as a Captain with no college to his credit, he is now suffering the long term effects of Agent Orange. He has lost one leg below the knee and is going blind. He has not however lost his sense of humor or good spirit. I hope to enjoy both the next few days in his fine company.
If you know someone in this condition or would like to make someone's day afflicted with such, seek them out. Both of you will be better for the experience.
More later.
Thanks for reading The Market Perspective
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