AmenRa's Corner

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


SPX
Doji day. Held 1151.86 (fibo .0557). Still may test 1177.84 (fibo .0344). Midpoint below 10 SMA (downtrend). Tested the 55 SMA and failed. Indecision probably due to morning star pattern (and the fact that Greece is still going to implode). No daily 3LB changes. Still trending down on the daily 3LB. QE2infinity.



DXY
Spinning top day. Midpoint above 10 SMA (uptrend). The 85.11 (fibo .1459) price is holding. Bucky still needs help. No daily 3LB changes.



VIX
Bearish short day (resolved doji lower). The 61.8% fibo ext (support) rules. Fear is in the eye of the ECB. Closed below the fibo retrace of 23.6%. Tested the 14.6% retrace and passed (2x). Still above all SMA's. No daily 3LB changes. Still above the monthly 3LB reversal (24.51).



GOLD
Bullish long day. Closed above previous intraday high (1226.40). Midpoint still above 10 SMA. To hell with fiat! (Gold's rally cry). New high on daily 3LB with reversal now 1183.30.



EURUSD
Bearish short day (resolved doji lower). EU bailout losing steam (and it has been only 2 days). Midpoint well below the 10 SMA. Currently below all MA's (again 6x). Fibo level of 1.2935 is holding. Up next is 1.1571 (the .236 fibo level). Well below trendline (11/27/09-3/17/10). No daily 3LB changes.



JNK
Doji day. Closed below the 50% retrace. Midpoint below 10 SMA (downtrend). No daily 3LB changes. Still trending down on the daily 3LB.



GS
Spinning top day. Midpoint well below the 10 SMA. Tested the 2.058 fibo (using low) of 144.98 and failed. Intraday low is higher than yesterday. New low on daily 3LB with reversal now 157.40.

56 comments:

CV said...

Don't bother reading this because it'll only serve to piss you off...

http://www.msnbc.msn.com/id/37085901/ns/business-us_business/

I'll parse it for you...

- "Securities and Exchange Commission Chairman Mary Schapiro says last week's massive market plunge was "unacceptable"

Translation: It's UNACCEPTABLE when the market goes down

- "In prepared testimony for a congressional hearing later on Tuesday, Schapiro said SEC staff were now on site at all major markets to monitor trading conditions."

Translation: We had to pull ourselves off our regular activities of porn browsing on the internet - so I hope you all appreciate this

- "Schapiro sounded skeptical that a large erroneous trade, the so called "fat finger" scenario, had triggered the brief stock rout some have dubbed the "flash crash."

She gave greater weight to theories that a confluence of events were responsible, but had come to no conclusion."

Translation: A flood of SELL ORDERS came in all at once... But there's NO WAY IN HELL we'd evr admit that... Keep buying stocks!

- "Under heavy pressure from the SEC and the Obama Administration, the exchanges have had to reconcile their differences and come up with ways to address their disparate trading systems.

Translation: "As long as I'm President, I will not allow stocks to go down - That's right isn't it Larry? - Is that what's written on that teleprompter?"

- The SEC hosted a meeting Monday with the heads of major exchanges, and said afterward the parties agreed to a framework that would strengthen circuit breakers and safeguard markets from such chilling drops.

Hear that people? Go back to buying stocks... No more chilling drops... We are in control... We control the horizontal... We control the vertical

I-Man said...

FIAT... the new F word.

I-Man said...

That EUR sure is a piece of dung...

1.2635...

CV said...

@I-Man

Saw that... YIKES... I wonder if it holds 1.20 this week...

PIIGS reporting GDP tomorrow... Irish protesters storming the gates of Parliament...

What's already hot, is heatin' up...

DL said...

Maybe Obama should put a "windfall profits" tax on short-sellers.

CV said...

I've gotta go out for awhile...

But something strange I saw earlier today (and didn't mention - did someone else mention this & I didn't catch it)?...

The S&P cash and the SPY daily candles look a lot different these past few days...

SPY has this huge gap in the daily (on the tails)...

Has anyone made any comments on that?

McFearless said...

EGDF?

Seems like a lifetime ago the dollar was bottoming...:)

Perhaps someone needs to share this here with the SEC:

http://www.google.com/search?hl=en&source=hp&q=define%3A+speculation&aq=0&aqi=l1g7&aql=&oq=speculation+de&gs_rfai=

McFearless said...

I just came up with the 2012 campaign slogan:

"Control You Can Believe In"

WolfStreet said...

Hey lads! What's all the fuzz about here? just a nonsense going on, think we're quite accustomed to it now.

SC said...

Maybe Obama should put a "windfall profits" tax on short-sellers.

Such an announcement would be a dream come true for short sellers. The mere suggestion that short sellers might be in for "windfall profits" could start a panic.

Barry RItholtz said...

Looking at a 15min chart with a huge gap, would it need to retest it to fill in the gap? There is a lot of air left on many symobols from a lot of 15min charts. Seems the more leveraged the ETF, the more of a gap but even on the SPX there is a gap from around 1120-1112. Help would be greatly appreciated so I get get my post out for tomorrow morning about how I am all cash in my short fund.

What say ye?

Andy T said...

Well....I guess 1168.75 was resistance on the S&P futures....that level repulsed the market lower.

Feel pretty good about that call from Page 8 of Sunday's report...

"It seems pretty clear that “something” concluded at 1202 with 1168.75 looking like medium term resistance. "

Things almost never reverse that precisely from obvious resistance/support.

Nic said...

McFearless this video is for you:
http://www.youtube.com/watch?v=zNEoqzUwx78

Mannwich said...

I know it's VERY early but U.S. futures looking a tad wobbly. As Derrick Coleman once put it, might "the ship be sinking" here?

Sell in May and go away going to work this year, unlike last year?

Nic said...

Great report Sunday AT, I meant to thank you earlier.

Anonymous said...

Yesterday morning I ranted about Euro bailout. I said, does anyone really believe this bailout will work out? Will Greece actually payback?

Here is another "ranter" from Canada -www.financialpost.com,"Greece is one giant Ponzi scheme - Steven R. Earle.".

Steven R. Earle is former Chief executive of Air Sea Lines International Canada Ltd.

He writes," Few writers have any experience in Greece, in dealing with its politicians, its bankers, its systems, its cultural proclivities and its people.... Based on this lenthy expensive and in-depth involvement in the 'Greek Reality' I conclude there is no bailout solution for Greece.."

"As a start, their entire political and economic system is designed to bleed foreign investor corporations, banks and other nations of cash".

"Greek State accepts money it cannot pay, will not and never had any intention to pay back.."


On a family vacation to India, in 2000, I saw an ad. in a local english newspaper by GE Finance - money available to buy appliances - I laughed - thinking to out loud - Good luck GE.

I wonder how much money GE fiance lost in India. I heard they sold that business last year -2009(?).

McFearless said...

I'm still keeping my eye on slide 7 AT. Was a good overall report.

mcHAPPY said...

I have been wondering about this resistance. It means a lot for my positions, tomorrow might be some serious decisions. I keep coming back to the idea of the market making a fool of the most number of people possible. Everyone expected new highs (bulls and bears). People still think we have higher to go on this retracement given the strength of the rally. Maybe that is it? Only a lunatic with no stops in place would be short now. I based my decisions yesterday on 1170 being the most of a retrace (and this decision was based on Andy's Sunday night). Maybe the cold steel today will pay off by Friday - or maybe not. Time will tell and LB was most definitely correct in having waited for the FXP to TZA swap.

mcHAPPY said...

This flash crash also probably wiped out a lot of stops with bulls scrambling to get back in AFTER the $1T euro bailout and AFTER the markets already were juiced for 4% gains on the open. If I had more sense, I'd probably be sitting in cash waiting for 2016.

prosciutto gristle said...

ZSL looks cheap here. Who's with me??

Faber via Bloomberg:

"It is important to bear in mind that a lot of households in the United States bought a great deal of canned beans when the financial crisis occurred in September and October of 2008. This pulled forward the demand for canned beans, with the consequence that the market for canned beans has since then utterly collapsed. And now those beans are going bad, the households have not eaten them and now they are starting to expire worthless. And meanwhile the bean canners are suffering, business has been very slow even as other sectors of the economy have shown stability and indeed some signs of growth. So one needs to keep in mind that, although Meester Bernanke (?) is a money printer no less than Meester Mugabe and should be hanged for his crimes, the United States can hardly afford to have its bean canners go out of business, and so there is a very real possibility that the Federal Reserve will create an echo crisis, an echo of the financial crisis of 2008 but of lesser magnitude and duration, which will cause Americans to revisit their store of beans, to recognize that these have all spoiled, and to replenish them at the Costco or what have you. And so a correction of say, twenty percent, in the major indices cannot be ruled out. But after that time Meester Bernanke will surely fire up his printing press again and stocks will outperform all assets except gold, with the proletariat left once again holding a handful of beans, often of many different colors and shapes."

call me ahab said...

prosciutto-

like that reporting(-:!!!

and to carry on w/ my chauvinist/misogynist ways (and by the way- goddammit I'm a man- so I don't have to be pretty)- the best post today- can't even remember where I saw it-

"so what if she looks like a Martin Short dressed up in a fat suit"-

now that's some funny shit there(-:!!!!

prosciutto gristle said...

That's me of course. If you space out the syllables it sounds like him, but really it's a complete fabrication. Do not trade on this information, please. I'm begging you. It's a joke.

AmenRa said...

Until the SPX closes above the weekly 3LB mid the market will continue to have a bearish slant.

Wes said...

@ahab -

..about as attractive as the last one...jeez

having, said that, i like the idea of women on the Supreme Court...

a more balanced view

Andy T said...

Prosciutto gristle in the house!

Greatest internet handle of all time....

CV said...

CV is just getting back here and catching up...

@Andy T (6:57)... As always - great INSIGHT on calls... I'm on board with both 7&8 (slides)... I haven't made any moves tho... If the train leaves without me - so be it... I'm too tired of being a "bearchop"... I have my "mitred" shorts still running - & will hang with those for a bit... I'll PROBABLY GET RELENTLESS WITH SHORTING when Obama decides to ABOLISH it (shorting)... LOL

@Manny (7:31 - 6:31 Central)... Tend to agree with you on the "choppy" prospects for tomorrow... For the record, CV isn't on board yet with the whole thing going to pieces just yet... How's about 113.70 as a "call" for a SPY print tomorrow?... Market holds there - FOR NOW... I'll never be as rich and famous, or own as cool boats as TWSWB, but I DID call EUR/USD 1.29 (to hit on May 4th EXACTLY, and called it such way back in Mid February)... "so I have that going for me" (as ahab would be amused to hear me say)...

@anon... gettin' to it...

@Prosciutto gristle... gettin to it as well (& still the best "handle" ever)...

@Ritholtz (aka - TWSWB)(6:44)... I mentioned those levels in the other thread... Always late to the party, my friend... You're excused though... I know boat shopping occupies a lot of your time... Let's share a jar of GREY POUPON and forget all about it... We can toast to our mutual success... Yours as a master blogger/market caller/author/&boat shopper... Mine as, um, a knucklehead/unabombing/fish farmer... Together, we'll make history!

@WolfStreet... Dude - I was thinking about you today... You popped into my head for some reason I can't remember... As for "memory"... Remember this - You're NOT ALLOWED to be a KNUCKLEHEAD on this blog until I dub thee "Sir WolfStreet"... Only at that point can you comport yourself as a KNUCKLEHEAD 24/7 (much like CV)... Although you run the risk of karen & Nic "vilifying" you for your behavior... But if you can suffer the slings and arrows... I say "Go for it"... It's all a process... Kinda like the gristle from prosciutto...

WolfStreet said...

I thank you sir Cvienna . However, still got a job over there, and I guess you were somewhat drunken while composing this message anyway. OR I was drunken while reading them. Same result anyway.

See you all;)

karen said...

More of my fetish. Apologies in advance. My friend's friend hasn't paid their mtg in many months and is collecting a rent check as they have moved to Tonga.

call me ahab said...

karen-

smokin'- you?

. . .and- the tenants- as soon as they get wind that the mortgage is in not being paid-

last check your friend's will see from them

CV said...

@karen

Quite a FETISH actually... It's the NEW CAPITALISM...

Actually, from what I've heard, JPM is "CHASE"-ing down deadbeats more than others (through legal action)... The "others", not so much...

So it's probably a good thing they're in TONGA...

Colin said...

Bloomberg's Markets page looking funky for anyone else? Are they trying to put up a pay wall soon?

CV said...

@WS

I need to get to Tequila (mixed with sake & beer)to get drunk... That doesn't usually happen until Thursday... Unless it's a holiday :-)

Anonymous said...

S&P fut. red. 1048.

CV said...

@Colin

Normal page UP for me (Bloomberg)... With the usual "SKIP" ad leader...

Come on man! PAY is death for ANYONE anymore these days...(see karen's friends friend 10:01/7:01 PST)...

Nobody PAYS for anything anymore...

- People don't pay mortgages (or credit cards)
- Countries default on debt

Basically, since Obama was elected... He pays for EVERYTHING... (including "gas & mortgage")...

Don't believe me? Just ask Peggy Joseph!

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

call me ahab said...

re Bloomberg-

they appear to be switching to a new layout-

pretty sure it has nothing to do with a pay service-

not sure I like the new layout however

Anonymous said...

http://www.youtube.com/watch?v=fVX-c07uefc&feature=related

CV said...

@ahab

Yeah, on further look, it just seems to be a tweak in the layout...

CV said...

@ahab

You know what it looks like?... It looks like they're adapting it to fit WIDER monitors...

call me ahab said...

CV-

not sure of the motive- but- the layout is a bit goofy-

but hey- maybe they are trying to attract a "younger" audience-

because they are always checking out Bloomberg- lol

Andy T said...

McFear

"I just came up with the 2012 campaign slogan:
'Control You Can Believe In' "

Bwaahahahahahahah

karen said...

I loved that Control You Can Believe In! How much more cynical can we get?! I loved this line from NY Mag..

Why did the exchanges cancel trades if they insist there was no glitch?

The New York Stock Exchange and Nasdaq both denied that there was any technological glitch in their trading, meaning that the bizarre trades were due to forces outside their control.

http://nymag.com/news/business/bigmoney/65998/

Me: Since a lot of us, professionals as well as retailers, couldn't place a trade.. who exactly profited from buying at the bottom??? Whose trades did execute???

AmenRa said...

Karen

Short sellers are not allowed to profit so sayeth the messiah. Only those who are doing gods work are allowed to partake from his cornucopia of material blessings.

CV said...

@karen

Let me add... Why wasn't there any call to "cancel all trades" on Monday when the FUTURES were up more than 5% on the open...

It's a joke!

call me ahab said...

alright-

I'm out- rack monster calls-

all have a good night

I-Man said...

I-Man is laughing his ass off reading yall tonight...

Pro Gris, you rock.

AT, big up to slide 8.

AmenRa said...

This comment over at TWSWB had me LMAO: http://www.ritholtz.com/blog/2010/05/a-closer-look-at-the-1000-dow-plunge/#comment-296942

Nic said...

That Bloomberg guy interviewing Bob Janjuah yesterday said kinda "well Bob you were calling for a 10% correction and we have had it so where to now?" It is as though the MSM pump-it-up crowd thinks that a few five minute candles (that almost no one participated in) means correction over lets move on.

mcHAPPY said...

Jim Rogers $1T nail in the coffin for Euro and short EM

BinT said...

http://www.bloomberg.com/apps/news?pid=20601009&sid=aIFxBow.FVKU

Germany, France May Hurt AAA Ratings in ‘Ponzi Game’ (Update1

...Actually, not much meat on this bone. I was wondering, though, if CNBC would have this analyst on for his views....I suspect not.

BinT said...

I see we have a fight scheduled CV...

May 12 (Bloomberg) -- Spain’s Socialist Prime Minister Jose Luis Rodriguez Zapatero performed a U-turn and cut public wages, caving in to pressure from the rest of Europe to reduce spending to avoid being dragged deeper into the Greek crisis.

Spain will cut public wages 5 percent this year and freeze them in 2011 while suspending a pension raise, Zapatero told parliament in Madrid today. A 2,500-euro ($3,168) subsidy for new parents will be scrapped and foreign aid trimmed, while public investment will fall 6 billion euros in 2011.

BinT said...

Can you get a subsidy for being an old parent?????

Anonymous said...

@BinT re parent subsidies -

In Quebec, govt. pays people to have kids. To increase French population. Subsidy increases with each extra kid.

Nic said...

We should all be short European financials. This is the first time that the IMF have bailed out anyone without making them restructure debt and why were they persuaded to do that?
Because the French/German/Spanish banks are in way worse shape that Greece.
Bankster bailouts rule

McFearless said...

Check out this site:

http://globalrichlist.com/

Just plug an income of 100k in there and you'll get to read this gem:

"How do you feel about that? A bit richer we hope. Richer and ready to give some of your newly found wealth to those who need it most. It not hard - just slip your hand in your pocket and pull out something special. Something that can help redress the balance - and also make you feel uncommonly good. Many peoples lives could be happier if you donated just one hour's salary (approx $53.41 - UK estimate)."

Wes said...

has the IMF ever bailed out any country that was not a "developing" country?

is this the first time a so called "developed" country(ies) have been bailed out by the imf?

...banksters rule indeed - qe to the moon

Nic said...

I like silver short McF - I put a chart up

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