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.
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.
(Back to Top)
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.
This report is for your information only and is not an offer to sell, or a solicitation of an offer to buy, the securities or instruments named or described in this report. Interested parties are advised to contact the entity with which they deal, or the entity that provided this report to them, if they desire further information. The information in this report has been obtained or derived from sources believed by Fredco Holdings, Inc. to be reliable, but Fredco Holdings, Inc. does not represent that this information is accurate or complete. Any opinions or estimates contained in this report represent the judgment of Fredco Holdings, Inc. at this time and are subject to change without notice. Fredco Holdings, Inc. or its employees, officers, directors, principals, agents, affiliates or adviser may from time to time provide advice with respect to, acquire, short sell, hold or sell a position in, the securities or instruments named or described in this report.
Fredco Holdings, Inc. does not have investment banking relationships with any of the companies mentioned in this report and does not conduct investment banking business, in general. Fredco Holdings, Inc. and its employees do not receive compensation of any kind from any of the companies in this report. Fredco Holdings, Inc. , its directors, officers, principals, agents, advisers, affiliates and employees may maintain a financial position in the securities mentioned in this report, provided however that no buying or selling activity will be taken with respect to a security referenced in a report by such parties within three days of such report’s publication.
The information contained herein was prepared by Fredco Holdings, Inc., which is solely responsible for the contents of this report.
Copyright 2010-2023 Fredco Holdings, Inc.. All rights reserved. This report is a publication of Fredco Holdings, Inc. located at 4514 Chamblee-Dunwoody Rd, Suite 112, Dunwoody, GA 30338.