Weekly Charts

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Weekly Charts

Market breadth – % of stocks above 200d moving average – continues to deteriorate.

Consumer discretionary has recently diverged from price, with 52% above the 200d.

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Consumer staples coming in at 45%.

Staples

Materials stronger at 73%, but moving lower. materials

Info tech slowly turning.info tech

Industrials weakening.

industrials

Health care also weakening, but potentially bottoming. HLV

Fins still strong.

XLF

Energy ugly. energy

And defensive, utilities, beasting.

Utilities

On the economic data front:

The KC Fed manufacturing survey came in at 16.

Kansas.city .Fed

Richmond Fed at 14 on estimates of 11.

Chicago Fed national activity at -.1 on est. of .22.

Chicago.fed .nat .act

Markit flash PMI with strong services and declining manufacturing.

services.manufacturing

New Home sales making a sharp move lower at -8.9% y/y.

New.Home .Sales

Building permits and car sales from Variant Perception also making similar moves.

permits.autos .vp

Occupancy rates may have peaked. occupancy.rates

Household formation as well?

household.formation

Potentially due to a weakening labor market.

Especially among the bottom 90%.

earnings.gary

Which may be why the dollar can’t catch a bid.

Which is interesting because that would typically support commodity breadth.

commodities.breadth

However there is some strength.

metal.mania

But that is likely to fade.

property.prices.chiner

With resi construction following suit.

monthly.rez .contrcutionAnd construction vehicles not too far behind?
China.Construction

USD/CNY looks to be bottoming.

Yuamn

After a period of strong capital controls.

Chinese.deals

Probably not the best time to buy Spoos. Ha! 

But where are you gonna put your money? Amiright?

PEG.Ratio .SPX

Maybe throw it in AMZN hoping the channel holds.

AMZN

Or AAPL on a upside 13.

AAPL.upside

Your call.

AAPl.tnx

Crude could be attractive short term.

sliding.stocksOr Google?
pulling.adds

Probably not though, as the world’s largest advertiser – WPP – get’s some. Get some!

advertiser

You could always buy BABA.

BABA

You only live once!

Fake.revenue

H/T Deep Throat

Enjoy your week. bubbles

H/t George

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