Morning Charts

Some additional views on VWAP, especially as relates to market averages (S.M. or otherwise) which many readers have claimed is the same. Well, it isn't. And the whole point of the technical moves over the recent declining volume period is just that: how viable are these marginal moves. Thoughts welcome (chart provided by creditresearch.com)







And lest we become accused of becoming technical chartologists, here is an interesting chart from the St. Louis Fed, showing the total value of bank credit purchased/held outright by the Federal Reserve. Nice inflection point over the past month there disclosing of who the major securities buyer recently might have been (hat tip reader Clark).



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Weekly Chart Overview

Reading some GS equity weekly data. Key charts are presented below.
Note: as have been getting this question quite a bit, GS has the following most recent 2009 and 2010 Earnings estimates for the S&P500 (according to GS equity team; would imagine their credit teams has much different conclusions: see UBS case):

• Top down analysis: $53 in 2009 and a 31% increase in 2010 to $69
• Bottoms up analysis: $59 in 2009 and a 24% increase in 2010 to $68

(didn't see I agree with these)

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