lunes, septiembre 26, 2016

BREAD AND CIRCUS / ETF DIGEST

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Bread And Circuses

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 9-23-2016 3-00-55 PM

“The evil was not in the bread and circuses, per se, but in the willingness of the people to sell their rights as free men for full bellies and the excitement of the games which would serve to distract them from the other human hungers which bread and circuses can never appease.”
 
Marcus Tullius Cicero
 

I guess we could substitute MacDonald’s and iPhones these days. The point being little has changed historically since Cicero who lived in 106 BC. That’s a depressing view of conditions perhaps then and now. Perhaps worse still is the following satirical comment from the poet Juvenal. He lived much later; the 2nd century AD:  

“The fools did not realize that they were merely recovering a portion of their property, and that their ruler could not have given them what they were receiving without having taken it from them.”

Ok, you’re thinking me a warped old man with too much time on hands. You might be right but then there’s the haunting truth that comes through these legends—nothing given greed and the lust for power changes.

How does one live with these painful realities? We must go forward given these realities and deal with the hand we’re dealt.

Meanwhile back to the markets. Stock prices dropped as oil prices cratered on beliefs an upcoming OPEC meeting won’t deliver anything meaningful to boost oil prices. Nevertheless, stocks were able to hang on to weekly gains of over 1% despite a mixed picture overall. Clearly many feel the upcoming presidential debate will do much to clear the views of the electorate. If Clinton holds on to her slight lead it would soothe fears of the establishment nothing will alter current bullish trends. Trump on the other hand remains a  wild card especially with his momentum rising.

Below is the heat map from Finviz reflecting those ETF market sectors moving higher (green) and falling (red). Dependent on the day (green) may mean leveraged inverse or leveraged short (red).

9-23-2016 3-02-03 PM

Volume Friday was impressively on the light side. Breadth per the WSJ was negative.
9-23-2016 3-07-11 PM
12-17-2015 9-04-44 PM Chart of the Day
 
 
9-23-2016 3-09-14 PM USO


Charts of the Day


  • SPY 5 MINUTE

    SPY 5 MINUTE

  • SPX DAILY

    SPX DAILY

  • SPX WEEKLY

    SPX WEEKLY

  • INDU DAILY

    INDU DAILY

  • INDU WEEKLY

    INDU WEEKLY

  • RUT WEEKLY

    RUT WEEKLY

  • NDX WEEKLY

    NDX WEEKLY

  • XLB WEEKLY

    XLB WEEKLY

  • XLE WEEKLY

    XLE WEEKLY

  • XLF WEEKLY

    XLF WEEKLY

  • XLI WEEKLY

    XLI WEEKLY

  • XLY WEEKLY

    XLY WEEKLY

  • XLP WEEKLY

    XLP WEEKLY

  • XRT WEEKLY

    XRT WEEKLY

  • XLU WEEKLY

    XLU WEEKLY

  • IYR WEEKLY

    IYR WEEKLY

  • IYT WEEKLY

    IYT WEEKLY

  • HYG WEEKLY

    HYG WEEKLY

  • TLT WEEKLY

    TLT WEEKLY

  • UUP WEEKLY

    UUP WEEKLY

  • FXE WEEKLY

    FXE WEEKLY

  • FXY WEEKLY

    FXY WEEKLY

  • FXB WEEKLY

    FXB WEEKLY

  • GLD WEEKLY

    GLD WEEKLY

  • GDX WEEKLY

    GDX WEEKLY

  • SLV WEEKLY

    SLV WEEKLY

  • DBB MONTHLY

    DBB MONTHLY

  • DBC WEEKLY

    DBC WEEKLY

  • EFA WEEKLY

    EFA WEEKLY

  • IEV WEEKLY

    IEV WEEKLY

  • EEM WEEKLY

    EEM WEEKLY

  • AAXJ WEEKLY

    AAXJ WEEKLY

  • NYMO DAILY

    NYMO DAILY
    The NYMO is a market breadth indicator that is based on the difference between the number of advancing and declining issues on the NYSE. When readings are +60/-60 markets are extended short-term.



  • NYSI DAILY

    NYSI DAILY
    The McClellan Summation Index is a long-term version of the McClellan Oscillator. It is a market breadth indicator, and interpretation is similar to that of the McClellan Oscillator, except that it is more suited to major trends. I believe readings of +1000/-1000 reveal markets as much extended.



  • VIX WEEKLY

    VIX WEEKLY
    The VIX is a widely used measure of market risk and is often referred to as the "investor fear gauge". Our own interpretation has changed due to a variety of new factors including HFTs, new VIX linked ETPs and a multitude of new products to leverage trading and change or obscure prior VIX relevance.


9-23-2016 5-21-30 PM
HI/LO INDICATORS MONTHLY
9-23-2016 5-22-06 PM MONTHLY 

Bread & Circuses were on my mind recently. Why? It should be obvious the ruling class, no matter their belief structure, remain in control of things. It’s telling upon reading historical precedents that nothing has changed in a thousand years even though changing generations take little note of it. Those egos are fixed on the beliefs that they can always do things better despite overwhelming evidence to the contrary.

Let’s see what happens.

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