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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.
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.
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