from KingWorldNews:
Eric King: “Eric, what has you worried going forward?”
Sprott: “These policies of supporting the financial system or the banking system
are not going to work. QE1 didn’t work, QE2 didn’t work, now we’ve got
QE3 and Japanese money printing. Central banks are (also) now buying
stocks.
How much lunacy do we have to have? Just think through it a little.
It has to stop some day. We just can’t keep accelerating this without
one of two things happening: You are going to get a financial collapse,
or you are going to get hyperinflation….
Eric Sprott Audio Interview @ KingWorldNews.com
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Monday, April 29, 2013
Overbought and Oversold Markets
The Relative Strength Index (RSI)
is a momentum oscillator that measures the speed and change of price
moves. The RSI moves between zero and 100 and is considered overbought
with a reading above 70 and oversold when below 30. Note the RSI can
sustain an overbought (oversold) reading in a strong up (down) trend.
Click chart to enlarge.
Click chart to enlarge.
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KB Home (NYSE: KBH)
KB Home operates as a homebuilding and financial services company in
the United States. The company constructs and sells various homes,
including attached and detached single-family residential homes,
townhomes, and condominiums primarily for first-time, move-up, and
active adult homebuyers. It also provides title and insurance services
to homebuyers. As of November 30, 2012, the company delivered 6,282
homes. It has operations in Arizona, California, Colorado, Florida,
Maryland, Nevada, New Mexico, North Carolina, Texas, and Virginia. The
company was formerly known as Kaufman and Broad Home Corporation and
changed its name to KB Home in 2001. KB Home was founded in 1957 and is
headquartered in Los Angeles, California.
To review KB's stock, please take a look at the 1-year chart of KBH (KB Home) below with my added notations:
For the last (2) months KBH has been stuck within a common pattern
known as a rectangle. Rectangle patterns form when a stock gets stuck
bouncing between a horizontal support and resistance. A minimum of (2)
successful tests of the support and (2) successful tests of the
resistance will give you the pattern. KBH's rectangle pattern has formed
a $22.50 resistance (red) and a $20 support (navy). A break above
$22.50 would also be a new 52-week high.
The Tale of the Tape: KBH has formed a rectangle pattern. The possible long positions on the stock would be either on a pullback to $20, or on a breakout above $22.50. The ideal short opportunity would be on a break below $20.
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To review KB's stock, please take a look at the 1-year chart of KBH (KB Home) below with my added notations:
For the last (2) months KBH has been stuck within a common pattern
known as a rectangle. Rectangle patterns form when a stock gets stuck
bouncing between a horizontal support and resistance. A minimum of (2)
successful tests of the support and (2) successful tests of the
resistance will give you the pattern. KBH's rectangle pattern has formed
a $22.50 resistance (red) and a $20 support (navy). A break above
$22.50 would also be a new 52-week high.The Tale of the Tape: KBH has formed a rectangle pattern. The possible long positions on the stock would be either on a pullback to $20, or on a breakout above $22.50. The ideal short opportunity would be on a break below $20.
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US Weekly Economic Calendar
| time (et) | report | period | Actual | CONSENSUS forecast |
previous |
|---|---|---|---|---|---|
| MONDAY, April 29 | |||||
| 8:30 am | Personal income | March | 0.4% | 1.1% | |
| 8:30 am | Consumer spending | March | 0.1% | 0.7% | |
| 10 am | Pending home sales | March | -- | 3.9% | |
| TUESDAY, April 30 | |||||
| 8:30 am | Employment cost index | 1Q | 0.5% | 0.5% | |
| 9 am | Case-Shiller home price index | Feb. | -- | 8.1% (yoy) | |
| 9:45 am | Chicago PMI | April | 52.8 | 52.4 | |
| 10 am | Consumer confidence index | April | 61.3 | 59.7 | |
| WEDNESDAY, MAY 1 | |||||
| 8:15 am | ADP employment index | April | 170,000 | 158,000 | |
| 10 am | ISM | April | 50.9 | 51.3 | |
| 10 am | Construction spending | March | 0.7% | 1.2% | |
| TBA | Motor vehicle sales | April | 15.3 mln | 15.3 mln | |
| 2 pm | FOMC announcement | ||||
| THURSDAY may 2 | |||||
| 8:30 am | Weekly jobless claims | 4/27 | 346,000 | 339,000 | |
| 8:30 am | Trade deficit | March | -$42.0 bln | -$43.0 bln | |
| 8:30 am | Productivity | 1Q | 1.0% | -1.9% | |
| FRIDAY, MAY 3 | |||||
| 8:30 am | Nonfarm payrolls | April | 160,000 | 88,000 | |
| 8:30 am | Unemployment rate | April | 7.6% | 7.6% | |
| 10 am | ISM nonmanufacturing | April | 53.5 | 54.4 | |
| 10 am | Factory orders | March | -2.9% | 3.0% | |
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