14 March 2013

SP 500 and NDX Futures Daily Charts - 10th Rally Day, SP Nears Record - Complacency


Another new record high on the Dow Jones Industrials, as the SP 500 approaches its all time high set in 2007.

Bernanke is creating another asset bubble, once again in equities.

Check out the VIX. I bought some VIX as insurance. Tomorrow is stock option expiration for March.

I rolled my futures charts over to the June contract today. The new objective for the SP is in the 1565 to 1570 range.



 

13 March 2013

Gold Daily and Silver Weekly Charts


As a reminder this Friday is the option expiration for US equities.

Monday March 25 will be the option expiration for gold and silver on the Comex. This year's calendar is included below.

Today the miners were sold as the metals retreated a bit.




SP 500 and NDX Futures Daily Charts - Recurrent Complacency Into Option Expiration


VIX fell back as the Dow moved to another record high intraday led by IBM.

SP managed to rally back into the close, but the NDX continued to show a divergence.

As you know I have a chart objective of 1570 working on the March SP futures, which will be rolling over to June shortly, and the target will be about five points lower at 1565. June closed at 1550 today.

This Friday will be the March option expiration for stocks.



 


White Smoke Over the Vatican


Jorge Bergoglio of Argentina has been elected pope, Francis I.

Jorge Bergoglio was born in Buenos Aires, Argentina, one of the five children of an Italian railway worker and his wife. After studying at the seminary in Villa Devoto, he entered the Society of Jesus on March 11, 1958. Bergoglio obtained a licentiate in philosophy from the Colegio Máximo San José in San Miguel, and then taught literature and psychology at the Colegio de la Inmaculada in Santa Fe, and the Colegio del Salvador in Buenos Aires. He was ordained to the priesthood on December 13, 1969, by Archbishop Ramón José Castellano. He attended the Philosophical and Theological Faculty of San Miguel, a seminary in San Miguel. Bergoglio attained the position of novice master there and became professor of theology.

As Cardinal, Bergoglio became known for personal humility, doctrinal conservatism and a commitment to social justice. A simple lifestyle has contributed to his reputation for humility. He lives in a small apartment, rather than in the palatial bishop's residence. He gave up his chauffeured limousine in favor of public transportation, and he reportedly cooks his own meals.

His motto as a cardinal is 'miserando ateque eligendo' which is a phrase from the writings of Venerable Bede.
Vidit ergo Jesus publicanum, et quia miserando atque eligendo vidit, ait illi, Sequere me.