Despite flattish sales last three months, Oct median price of new home up 16% m/m to all-time high of $305k
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Small-caps continue to hang back, RUT at important level
Small-caps continue to lag their larger brethren RUT sitting on three-month resistance, breakout could be crucial Breakout not probable as bulls have already used up plenty of energy past five weeks Enough ink has been spilled over the issue of … Continued
Drop in gas price now vs. 01, 08/09 recessions
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Stocks at new highs, NAAIM active money managers not yet gung ho
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Fade or embrace gold rally? Metal action thus far favors latter
Gold continues to show improved price/volume action Not-so-good news on Swiss vote probably overcome by Dutch repatriation news Trend-following hedge funds added to net longs in gold futures, by both raising longs and cutting shorts As suggested a week ago … Continued
VIX says sky is clear, SKEW says institutions getting ready for clouds
VIX:VXV itching to move higher, which could put stocks under pressure VIX suggests calm, but SKEW points to institutions buying tail-risk protection Put-to-call ratios have had extreme readings past several sessions on both CBOE, ISE The S&P 500 Large Cap … Continued
U.S. corporate bond issuance on track for another record year
As of October, U.S. corporate bond issuance is on track for another record year — $1.45tn, divided between $1.12tn investment grade and $333.4bn high yield. 2014 will be the fifth consecutive year of $1tn-plus total issuance. It will more than … Continued
Duel between year-end seasonality (+ve) and QE end (-ve)
Economy was probably not reason why QE2/3 got launched, stock sell-off was One month after QE1/2 ended, stocks began to act sick, prompting Fed into action Year-end rally may or may not happen; impending sell-off to test Fed’s pain threshold … Continued
Gold is bottoming, only question is duration
Improvement in gold’s price action in recent sessions Key will be if non-commercials begin to add to net long gold futures Looks to be bottoming, but still tentative; short GLD puts safe way to go for now Gold ($1,187.9) is … Continued
Bulls have baton, but grip is easing
Big tailwind for stocks has come from grossly oversold technical conditions Several indicators are lagging – failing to confirm recovery highs in major U.S. indices Some signs stocks want to rest; could be important as SPX sits right underneath major … Continued