AmenRa's Daily Candle Wrap

SPX
Bullish long day. Closed above fibo ext of 1172.08. If it holds next target price is 1183.59. New high on daily 3LB with reversal now 1150.51. Only 6 more days of QE!!!



DXY
Bullish short day (also confirmed thrusting pattern). Tested Gann 2x1 and failed. Uptrend may be back (midpoint is still above 10 SMA). New high on daily 3LB with reversal now 79.75.



VIX
Bearish long day (not as long as yesterday though). Closed below the fibo ext of 61.8% (support). Midpoint still below 10 SMA. New low on daily 3LB with reversal now 17.42.



GOLD
Spinning top day (could be a bullish harami though). Closed below the 89, 55, 21 and 10 SMA's (again). Tested the weekly 3LB mid (1099.50) and passed. No daily 3LB changes.



EURUSD
Bullish engulfing day. Wants to form a bottom (but it ain't over yet IMO). Midpoint is still below 10 SMA. Closed below 21 SMA. No daily 3LB changes.



SUGAR #11
Bearish LONG day. This market is feeling like a root canal. Closed below the monthly 3LB reversal of 18.61. New low on daily 3LB with reversal now 19.27.



BIDU
Bullish spinning top day. Held the 10 SMA and gap from 5 days ago. Added another gap for a total of 5 since 1/13/10. New high on daily 3LB with reversal now 552.57.

33 comments:

Leftback said...

"This market is feeling like a root canal."

Comment of the month.... !!

CV said...

Sugar + Root Canal...

How appropriate...

Also, how odd that the 'REVERSAL' on the VIX 3lb is in the low 17's...

Remember what I'd posted earlier in the week about when the VIX has hit 16 in the past 3 years (10/07, and 5/08)...

We're getting close... One real bullish day might do it...

CV said...

@ANDY T

I know it's midweek and you might be short on time...

BUUUUUT..............

If you're interested in tossing up a Scribd chart (or your thoughts on some wave count conclusions) here, feel free...

Please, do me a favor and keep it on this thread... Insert it at the end of AMEN RA's DAILY CANDLE WRAP... Or even "on top" of it for that matter...

Thanks! (that's if you have the time)...

I'll be back in a couple of hours...

AmenRa said...

CV

With a lower weekly close on the VIX the reversal will be 18.13. Silent but deadly.

Leftback said...

I can never remember more Bear apathy or depression, which is not to say that it can't continue and get worse...

Leftback said...

A job for LB or Tyler? We clearly have the sense of humor required.

Google to Trade Bonds

Bruce in Tennessee said...

I learned something this weekend. If you are talked into joining Facebook past a certain age, DON'T whatever you do look at the gorgeous girls in your high school class.

Some of my old hotties are bigger than our starting left tackle.

I-Man said...

LOL Bruce.

I-Man said...

Comedy from the Google link:

From the Bond Trading position description:

"Interact with sell-side to stay current on market trends..."

BWAHAHAHAHA...

Now thats funny!

AmenRa said...

I-Man

Everything's is bullish!! Buy all dips!! Ignore the fundamentals and just keep buying!!

mcHAPPY said...

The only reasons for bears to be bitter is if you are in a bad position. If you are bear then you obviously know the reasons behind it - ZIRP, MBS, FASB. THe higher this goes, the better - if you are not in a bad position.

call me ahab said...

so . . .uh . . .what did I miss- lol

health care- what a market mover!

call me ahab said...

and may I add- this cyclical bull has some serious testicles-

those things are smacking all over the place

Mannwich said...

Here's a Bloomie headline for you. Now how exactly is this surprising to anyone?

Wall Street Despised in Poll Showing Majority Want Regulation

http://www.bloomberg.com/apps/news?pid=20601087&sid=a4nQoiYaj2ag&pos=1

Anonymous said...

David Fry - etfdigest.com - market overbought. But who know how long algos will keep it that way.

Intersting post and comments at Trader Mark's site www.fundmymutualfund.com "If you donot believe technicals have come to dominate fundamentals, today is a case study". Comments are good too.

Someone posted year end targets for S&P 500 from IBs. low 1125, high 1325, mean 1243, median 1250.

call me ahab said...

manny-

starting to think there is a delayed reaction to everything-

and then it all kicks in and the populace starts raging-

the midterms may be brutal for Democrats- but if Obama plays his cards right-

he may come out smelling like a rose

Mannwich said...

Perhaps ahab, but I get the sense that the GOP overplayed its hand a bit by trying to stymie health care leglislition (and now trying to block financial regulation, as most of the public now perceives them to be merely obstructing the president purely for political gain above the well being of the country. Perception is everything and the political winds change quickly. I smell a potential backlash brewing against them as well. It could motivate previously apathetic liberals to come out and vote AGAINST the GOP out of protest. Of course, A LOT can happen until the elections, but right now the perception could well be that Obama has finally gotten something significant done, even if the bill may be HIGHLY flawed (and maybe very bad) in reality.

call me ahab said...

manny-

to make sure you are following me-

midterms- the rage is against Wall Street and bankers- the voters vent-

2012- Obama rolls for a 2nd term-

health care not the issue

CV said...

@ahab (9:21)

Well we know one thing for sure... he's got PEGGY JOSEPHS vote...

http://www.youtube.com/watch?v=P36x8rTb3jI

Because, in her words, she won't worry about having to pay for her gas or mortgage ever again now that Obama has been elected...

Mannwich said...

Gotcha ahab. I agree.

call me ahab said...

CV-

funny stuff-

and then we have this-

"California Extends Homebuyer Tax Credit" - Calculated Risk

"Anyone qualified who makes a purchase between this May and August 2011 will receive a credit for 5 percent of the home's purchase price, up to $10,000 over three years."

so . . .it appears that California is flush w/ $$$-

maybe they know something we don't- like Federal infusion of cash???

CV said...

@ahab

"so . . .it appears that California is flush w/ $$$-"

---

The VERY DEFINITION of "flush"... usually depends on which side of midnight you're talking about...

http://www.cartoonstock.com/newscartoons/cartoonists/mba/lowres/mban2445l.jpg

AmenRa said...

ahab

Curious indeed considering that CA is insolvent. I mean they were using IOU's to pay bills and refunds. What are they going to use this time? IOUx10e2?

call me ahab said...

true, true CV-

one must wonder where the money is coming from for this giveaway though- from a bankrupt State no less

call me ahab said...

Ra-

my question exactly-

but maybe the $$$$ funnel is soon to be directed their way-

and us mere plebeians are unaware

CV said...

@Amen

"double secret IOU's"

CV said...

@ahab

I'd suspect they're planning to mount 'PAULSON'S BAZOOKA', onto 'BERNANKE'S CHOPPER'...

That ought'a do the trick!

Until, of course that they get to their Roy Scheider moment in Jaws (we're gonna need a bigger boat)...

But, of course that's only conjecture on CV's part... I used to be smart, now I just hoe earth...

AmenRa said...

Honestly I'm waiting for the "surprise" announcement from the Fed on how they plan to continue QE ∞.

CV said...

@Amen

GREAT 'infinity' icon...

I'm gonna have to save that... Never know when it might come in handy!

What did Einstein say about perception reaching light speed velocity?

AmenRa said...

CV

Even better: A Surprise Fed Announcement

CV said...

@Amen

You'd better keep that handy...

I think YELLEN said today that they'd not likely hike rates until 2013...

But I'm not sure if I'm reading headlines on an "event horizon" these days or not (so I can't be counted on)...

CV said...

There are so many 'green shoots' in the economy, they needn't hike rates until 2013...

That's comforting!

AmenRa said...

Let's see. There's a holiday on 4/2/10 and the Employment Situation is released that day. So between the release and Sunday evening the Fed has plenty of time to pull a fast one.

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