The Fred Report - Mid Week Update October 19, 2022

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The FRED Report – Financial Research, Education & Data    

Mid Week Update  

Volume 14, Issue 74
October 19, 2022

Download PDF Version here

 

Update of Market View

NOTE THIS IS THE 35TH ANNIVERSARY OF THE 1987 CRASH

Stocks have rallied off the favorable price formation we mentioned in the Weekly Review. SPY has tested the resistance in the 375 to 376 area and pulled back. Since the weekly stochastic is just moving into buy mode, we will probably see some higher prices if we can get through 376. We would hold stocks here and add above 376. Our readings on the internal indicators will determine whether the bear market is ending. We would like to see continued choppy action.

We had some questions on TLT today. We think this can test the 94 to 92 area on the downside and exceeding 101 on the upside would suggest an intermediate bottom is in place. TLT closed at $98.32. Stochastics are oversold so this should have a bit more upside. One area I did not look at much while away was GLD. We have no changes in our intermediate outlook. I just ran the Accumulation Model and it still looks pretty lousy. It should be lower into the end of the year. We show weekly charts of TLT and GLD, below.

weekly_midweek_101922 weekly_midweek_101922

Other Points of Interest 

We showed Bank of America (BAC) in the Weekly’s Chart of Interest Section, but there is one pure brokerage stock that looks very strong – we thought about putting it in the Sector Review, and may, but want to highlight it here in any event. That is Raymond James Financial (RJF). This is very close to the high in the 120-area and should be a good stock to play into yearend as long as it can stay above 90. Hedge Funds may very well chase this name into yearend. We show charts, below. 

weekly_midweek_101922 weekly_midweek_101922 weekly_midweek_101922

 

 

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Fred Meissner is primarily responsible for the research in this report and certifies that: (1) all of the views expressed in this research accurately reflect his personal views about any and all of the subject securities or issuers; and (2) no part of his compensation was, is, or will be directly or indirectly related to the specific recommendations or view expressed him in this research.
 
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