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Preferred Late

Than Never, which is when next week's column will (not) arrive, as I shall be taking a full week's vacay by the seashore - a la Jesse Livermore, not having access to my research and tech equipment.

If you want to know what a man is really like, notice how he acts when he loses money.

--W C Fields

Last week's continuation of the August 8 liftoff surprised many, especially those of us technicians who thought the 17,000 DJIA level and SPX 2,000 number would present at least a temporary obstacle. In the weekend Barron's Louise Yamada is still concerned that the "generals" (many large caps) of both the SPX and Nasdaq are not leading the way.

The Media, which likes to attach market action to any possible event - the grotesque beheading made me sell my Best Buy stock!!! et.alia.

Many Fundamental analysts seem to peg the market action to remote, kaleidoscopic events (weekly non-farm payrolls down a tenth of a %), etc. Former P Coast stock exchange head Lee Korins once told us that the definition of an Economist (present readers excluded, of course) was a person who was good with numbers but did not have the charm or charisma to become an accountant (sic).

IMO, based on thirty years of market watching, since getting my Series 7 broker license in 1985 ( the day the market hours changed from 7 a.m. PST to 6:30) it does appear that the U.S. is tallest midget in the room for investment with all the strife globally (remember the Limelighters hit - "They're rioting in Africa- there's strife in Iran"? And bonds 30 year Bull run, especially high yield, seem risky - although that is what was said in January!


Upcoming Events & News:

Not much going on this holiday-impacted week, but September holds:

Greg Morris on Investing with the Trend

When: Thursday, Sept 11, 2014, 3:00pm - 4:30pm PT

Where: Room 2203, Golden Gate University

536 Mission Street, San Francisco, CA 94015

To find out more information, visit - also view all the items under the "Study Guide & Exam" menu. The Technical Securities Analysts Association of San Francisco is proud to announce the launch of its new Technical Analysis Certification Program, now available through the TSAA-SF website!. This self-study education platform was developed by TSAA-SF members through a partnership with and incorporates the teaching methods used by Golden Gate University professors in Technical Analysis. The curriculum is designed for the individual trader or investor who wants to learn the essentials of Technical Analysis.


Sentiment last week remained about the same, with gold futures traders' - the Commercials ("smart money?") Selling still huge at 146k - down from 161k; stock Insider trading (legal) bumped up to 38 to 1 at the sector level, and a high 160 transactions from the board/officers sell side, and 60 moves ( almost all Sales) from the 10% stockowners cohort!

Stock trading Volume was down @ 10% and promises the same this week, even with new highs being set at the SPX and DJIA (and APPLE). Finally, the Survey I prefer - AAII's Bull/Bears - jumped on the Bull side 6 points, from 39 to 46%. For more, see my Sentiment blog at: