AmenRa's Corner

A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection


SPX
Bullish long day. Stayed above the 1.786 fibo (using low) of 1190.89. Midpoint still below 10 SMA (downtrend). Tested the 21 SMA and passed. Also it's back above the weekly 3LB mid of 1191.94 (still have 1 more day). No daily 3LB changes. QE2infinity.



DXY
Spinning top day. Ignored all MA's. Midpoint above 10 SMA (uptrend). Still above the 233 SMA on the weekly chart at 81.47. Also it's a tweezer top (82.71 is resistance). No daily 3LB changes.



VIX
Bearish long day (confirmed bearish harami). Still above the 61.8% fibo ext (support). Tested the 38.2% fibo ext and failed. Tested 55 SMA and passed (but failed test of 89 SMA). Midpoint still above 10 SMA. No daily 3LB changes.



GOLD
Bullish short day. Midpoint still above 10 SMA. Closed back below the 50.0% fibo ext. No daily 3LB changes.




EURUSD
Bullish short day. Midpoint below the 10 SMA. Currently below all MA's. Tested the 0.0% fibo retrace and failed. Next fibo level of 1.2935 is still a target in case of weakness (Greece, Portugal, Spain, UK, etc). Did not test trendline (11/27/09-3/17/10). No daily 3LB changes.



JNK
Possible dragonfly doji day (body is >10% of h-l range s/b 10% or less). Midpoint above 10 SMA (uptrend). Did not test any MA's. No daily 3LB changes.



BIDU
Bullish spinning top day. You would think with that opening gap up there would be more follow through. Blew through upper Bollinger Band. Daily 3LB reversal (no kidding) with reversal now 613.50.



GS
Bullish spinning top day. Closed above the 0.0% fibo ext. Midpoint is now above the 10 SMA. Daily 3LB reversal with reversal now 152.03. "Who me? You talkin' to me?"

42 comments:

mcHAPPY said...

Comments from end of previous post. I have not seen anything in MSM yet. I guess they are waiting for higher ups to tell them how to spin this.

http://market-ticker.denninger.net/archives/2250-Now-We-See-Whos-Who-Too-Big-To-Fail.html

Maybe this is why it took 3 votes to get debate going on financial reform. I do not think this is what Republicans or Dodd wanted.

http://kaufman.senate.gov/press/press_releases/release/?id=A6612F3D-1736-4393-A93B-F299924002E6

I think it is safe to assume that there will be significant backlast from voters for any Senator who votes against this.

Most importantly it brings back all the sh**ty off balance sheet 'assets'.

re: financial bailouts

"The cost is staggering—as much as $33,000 for every single taxpayer since 2007. Federal agencies have disbursed $4.6 trillion dollars to support the financial sector since the meltdown in 2007-2008; that’s at least four times what has been spent in the wars in Iraq and Afghanistan since 2001."

Wow, puts things in perspective.

re: financial bailouts

"The cost is staggering—as much as $33,000 for every single taxpayer since 2007. Federal agencies have disbursed $4.6 trillion dollars to support the financial sector since the meltdown in 2007-2008; that’s at least four times what has been spent in the wars in Iraq and Afghanistan since 2001."

Wow, puts things in perspective.

mcHAPPY said...

"This would put an instantaneous full-stop to the outrageous obscenity called "Wells Fargo", which has $1.7 trillion in off-balance sheet "assets", not to mention the other "big banks" that have hundreds of billions off sheet as well."

That is staggering.

mcHAPPY said...

http://www.marketwatch.com/story/paranoid-bear-has-met-enemy-still-bearish-2010-04-29

"Financials have been the strongest leader in this rally. ... They may continue to lead -- only down this time."

"There is an uneasy feeling in my gut that someone like Goldman, who has been on the hot seat and is looking like the heat will be turned up a bit more, may be happy to see their shares fall now so they can buy them up at a very low price and then go private rather than remain public, to avoid all this interference from the courts and the SEC."

As a few have said, the greatest transfer of wealth in the history of mankind has taken place. When does J6P realize this?

Colin said...

I hope no one is still in SRS with me. Evidently commercial RE is fine again.

karen said...

Colin, that would be me! I commented on it earlier.. down over 8% today! Now, I happen to KNOW CRE is not okay.. but go figure.

karen said...

Thanks, AR! and Happy for bringing those links over to this thread..

DL said...

"As a few have said, the greatest transfer of wealth in the history of mankind has taken place. When does J6P realize this?"

* * * * * * * * * *

Maybe not until there's a big tax hike, or a big entitlement cut.

Nic said...

McHappy
Maybe I am too cynical tonight but that Bill will never pass.

AmenRa said...

Nic

If it will affect their money it will get rewritten. Then it will pass with much fanfare. Years later after they make a ton of more money we find out how they gamed the bill.

DL said...

It's more likely than not that a "Fin Reg" bill passes within the next few months.

It's possible, however, that the R's will try to delay passage until after the midterm election, when their numbers will be greater.

CV said...

Speaking of politics...

Charlie Crist decided to switch to INDEPENDENT to run for a Florida Senate Seat...

DL said...

CV,

I didn't hear that.

Don't imagine the Republicans are happy that a Democrat Senator is now going to be elected from Florida.

McFearless said...

actually DL, he was losing, until he switched indy, at which point the polls then showed him having a better chance of winning.

social mood, slowly people are getting fed up with both sides, we'll end up with a new party or several new one's by the time this is all over. Let's hope none of them are too insanely radical.

DL said...

McF,

Crist is going to split the vote if he stays in. Kendrick Meek will take it unless either Rubio or Crist drops out.

AmenRa said...

Nice read: The Fed’s Hollowing Out Of US Banks

CV said...

@McF

We'll end up with SO MANY different parties, that a FACIST DICTATOR will arise...

mcHAPPY said...

http://market-ticker.denninger.net/archives/2251-This-REALLY-Gets-Rid-Of-Too-Big-To-Fail.html

CV said...

I'm still wondering if Obama will nominate Hillary to the Bench...

McFearless said...

This is def. worth keeping an eye on:

http://www.opencongress.org/bill/111-s3081/show

mcHAPPY said...

Nic,

I too am quite cynical. But it is so straight-forward and common sense I can only dream.

mcHAPPY said...

@Ben

I believe that bill is nicknamed the "Denninger Bill" around D.C.

"A bill to provide for the interrogation and detention of enemy belligerents who commit hostile acts against the United States, to establish certain limitations on the prosecution of such belligerents for such acts, and for other purposes"

The land of the free, my ass. Unfortunately I can't sit on my Canadian high horse because legislation passed here in the last few years isn't any better. The world is a vampire.

mcHAPPY said...

Criminal charges being considered for Goldman: WSJ

Nic - you may have a top.

AmenRa said...

Here's another one: The 800 LB Gorilla in the Financial Reform Bill

CV said...

Bond Rally Teeters as Yield Spreads Blow Out: Credit Markets

http://www.bloomberg.com/apps/news?pid=20601087&sid=ajWp9v9lwh38&pos=2

April 29 (Bloomberg) -- The record rally in corporate bonds is showing signs of cracking, with yields rising the most in 13 months relative to government debt and new sales falling to the least this year.

“Corporate bonds could only defy gravity for so long,” said Eric Cherpion, deputy head of syndicate at Societe Generale SA in London. “The volatility from Greece is pushing spreads out, which have remained tight despite the credit risks in the market.”

CV said...

US politicians talk criminal charges as Blankfein warns staff of more pain ahead

http://www.theaustralian.com.au/business/news/us-politicians-talk-criminal-charges-as-blankfein-warns-staff-of-more-pain-ahead/story-e6frg90f-1225859992273

...in Lispy Lloyd's voicemail...

“Please do not let this distract you from your daily responsibilities.”

LOL

spoonman said...

Manny,
This one's for you http://exiledonline.com/confessions-of-a-wall-st-nihilist-forget-about-goldman-sachs-our-entire-economy-is-built-on-fraud/

I got it via Infectious Greed(or maybe NC - can't remember) so you may have already seen it. Entertaining.

spoonman said...

Ahem...is this thing on?

Nic said...

McH
Holy cow, criminal charges.

Amen-Ra you got the politics thing nailed.

I'm a bit burned out, I was going to take tomorrow off then I remembered Monday is a holiday everywhere (Europe/Japan) except US so will hang in.

Nic said...

KAREN
Hey something just hit me about Gold. Gold is supposed to be the hedge against the financial sector and Gold rocketed with the Goldman news and subsequent hearing, then fell with the news of the settlement. If that story about possible criminal charges gets any traction it might be why gold has broken out of its wedge tonight and it might go much higher.

Nic said...

Actually that must be it cos FX is dead tonight but gold is taking off and dragging Aussie with it.
Good grief

AmenRa said...

spoonman

Thanks for the link. Pretty funny but I see his point.

Anonymous said...

Bloomberg's breaking news - GS may face criminal charges!

call me ahab said...

nice little chart from Jesse's Cafe-

http://2.bp.blogspot.com/_H2DePAZe2gA/S9oiW10eyLI/AAAAAAAAMk4/y_WdhPET7b4/s1600/comparison.png

call me ahab said...

"Illegal immigrants plan to leave over Ariz. law"- Associated Press

I wonder if Arizona will rescind the law now that they are aware illegals will leave because of it- lol

BinT said...

Ahab:

That is the ultimate ironic headline, isn't it.?

Nic said...

Cool chart Ahab.

DL said...

Ahab @ 9:35

I'm in favor of giving states a lot of leeway in deciding how to enforce (or refrain from enforcing) federal immigration laws.

If they leave Arizona... well, California can always use a few more, right?

AmenRa said...

ahab

Arrggh. I'm trying to recreate that chart. Can't figure out how to set a start date. This will keep me up for a minute LOL.

mcHAPPY said...

All the news last night and the futures didn't blink. Hmmmmm, this is interesting.

Anonymous said...

@ McHappy It doesn't matter until it does

Bertie

Nic said...

Gold noticed McH

CV said...

NEW THREAD UP

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