A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection
SPXBearish long day. 1110.02 (fibo .09) is kryptonite. Midpoint below 10 SMA. Still above the 1.618 fibo (using low) of 1078.87. Still above trendline using 2010 lows. No daily 3LB changes. Trending down on the daily 3LB. There was a monthly 3LB reversal today. QE2infinity.
DXYBullish short day. Midpoint still above 10 SMA. The 85.11 (fibo .1459) is holding (91.80 is next). Still above the 76.4% retrace. Decisions decisions. No daily 3LB changes.
VIXBullish long day. Midpoint below 10 SMA. Fear is waking up and realizing it's not a dream. Think Spain & Greece (and it's just starting). Tested the 23.6% retrace (failed) and rose above 30. No daily 3LB changes (reversal is 24.91). There was a monthly 3LB reversal today.
GOLDHanging man day. Still above the 21 SMA. Midpoint above 10 SMA. To hell with fiat! Say it again! (Gold's rally cry). No daily 3LB changes (reversal is 1220.30).
EURUSDBearish thrusting day (but we're not in an uptrend so probably indicates profit taking). Midpoint below the 10 SMA. Fibo level of 1.2935 is history. Tested fibo .1855 at 1.2336 (failed). Following that is 1.1571 (the .236 fibo level). Still below trendline (11/27/09-3/17/10). No daily 3LB changes.
JNKHanging man day. Finally closed the gap (after 5 tries). Back above the 23.6% retrace but still below the 233 SMA. Midpoint above 10 SMA. No daily 3LB changes (reversal is 39.38).
GSDoji day. Midpoint above the 10 SMA. Tested the 2.058 fibo (using low) of 144.98 and failed. Looking to test the 1.618 fibo (using low) of 124.12. No daily 3LB changes (reversal is 136.10).
HYG/LQDSpinning top day (too much upper shadow for hanging man). Tested the 50% retrace (passed). Midpoint above 10 SMA. No daily 3LB changes (reversal is 0.806).
9 comments:
thanks for the wrap AR. The S&P attempted to hold the "neckline" support of the inverted H&S. I think you have to give the benefit of the doubt (in the very short term) to the bulls, until that neckline gets broken to the downside.
I'm glad for the Memorial Day weekend. I'm ready to grill and swim all weekend. I've been roped into some Honky Tonk/redneck bar action this evening..."Mo's Place" is Katy, TX is where the action will be...heh heh.
I just hope to not be involved in any fights this evening.
Should have some Gold thoughts on Sunday night and some S&P/Dollar stuff on Monday before the futures open.
Thanks Amen-Ra and looking forward to it Andy.
The Pragmatic Capitalist has written
a good deflationista response to
David Einhorns Op-Ed from yesterday.
How bad is it when I am left thinking "oh good we are only going to end up like Japan"
Thx for the wrap Ra, really had hoped to see SPX close the month below the phi...
But whatevs.
Looking forward to the good work, AT. Miss your intraday tape talk around here. I know you mentioned you were a bit still short, any quick thoughts before honky tonk on todays close, and the 1090 wall?
Nate Washington.
I mean Robinson...
I-Man
But we did get the monthly 3LB reversal (down). Now it's up to the bulls to prove their case. The bears hibernation has ended.
Weekly (& Monthly) 3LB Update 5/28/10
I wonder if a certain WSWB will cover the latest NEWS FLASH from his friends at the ECRI?
Lakshman Achuthan, February 13, 2010: "...leading indexes are not pointing to any new recession soon. So we can rule out, again, the idea of the double dip. I mean remember all last year people were worried about double dip and that hasn't happened and they're still worried about double dip and it's still not going to happen."
Lackshman Acuthan, May 28, 2010: "The downturn in WLI growth evident since early 2010 has recently intensified, so it should be no surprise when U.S. economic growth slows noticeably in the months ahead."
WEEKEND THREAD UP
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