AmenRa's Corner

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



Creditcane™: Doesn't Massacre Mondays sound better?



SPX
Bearish short day. 1.79% below the SMA(55). Midpoint below EMA(10). Below the trendline (3/6/09-5/25/10) and the next lower trendline (2/5/10-5/6/10). New low on daily 3LB (reversal is 1079.25). QE2infinity.



DXY
Bullish short day. Dollar flexing its strength. Back above the SMA(144). Midpoint above EMA(10). New high on daily 3LB (reversal is 82.64).



VIX
Hanging man day. Failed to confirm bullish thrusting. Midpoint above EMA(10). Still holding below weekly 3LB mid and monthly 3LB mid. Still below the SMA(89) but above the SMA(144). No daily 3LB changes (reversal is 25.39).



GOLD
Doji day. Still above all SMA's. Midpoint above EMA(10). Trying to hold onto gains. No daily 3LB changes (reversal is 1225.00).





EURUSD
Bearish short day. Midpoint below EMA(10). Tested the 23.6% retrace. Also failed the 4x1 Gann. It's above the trendline (11/27/09-3/17/10). New low on daily 3LB (reversal is 1.2822).



JNK
Bearish short day. Held the 61.8% retrace. It has failed to close gap. Still above the SMA(89) and the SMA(144). Midpoint above EMA(10). No daily 3LB changes (reversal is 37.72).



10YR YIELD
Bearish short day. Recent gap is still resistance (holding with a vengeance). Holding the 0.0% fibo retrace at 25.72. Midpoint below EMA(10). Below all SMA's. No daily 3LB changes (reversal is 28.22).



YEN (FXY)
Bearish short day. Still above all SMA's. Midpoint above EMA(10). Above the 14.6% retrace. New high on daily 3LB (reversal is 115.96). BoJ?



DJ TRANS AVG
Bearish short day. Failed the trendline and the SMA(233). Below the SMA(55) and SMA(144). Midpoint below EMA(10). New low on daily 3LB (reversal is 4262.24).



GS
Bearish short day. Failed the SMA(144). Midpoint below the EMA(10). Slowly inching lower. New low on daily 3LB (reversal is 148.08).




LEFTBACK'S BOND REPORT

The Bond Report 8.23.10

IG outperformed HY on a quiet day. The belly of the curve was front run as traders anticipated the POMO tomorrow.

Corpies: LQD 0.21%; AGG 0.10%; JNK -0.13%; HYG 0.00%;
Govies: TLT 0.02%; IEI 0.17%; TIP 0.00%
Hedgies: TBT -0.06%

Ah, what the hell, who needs analysis - why don't I just do a BLOOMIE today.

BONDS were up on GROWTH CONCERNS....


38 comments:

Bruce in Tennessee said...

Well, I finally got a chance to read Dr. Hussman, and today of all days he pulls a Von Mises out of his hat, and trashes the Benster...

Couldn't Obama take Bernanke on vacation with him?....

McFearless said...

I can see LB rolling down Broadway in his new whip with this on the stereo:

http://www.youtube.com/watch?v=4Rz92JWtS50&feature=fvst

McFearless said...

vintage style

CV said...

@karen

I'm a man of my word...

Tonight when I'm watching the game... I'm drinking...

http://www.youtube.com/watch?v=S1A0p0F_iH8&feature=search

CV said...

@mcf

You're not REALLY cool until you tool around town in one of these (which I had the pleasure of driving in Italy)...

http://static.guim.co.uk/Guardian/arts/gallery/2007/jul/05/design.italy/GD3886224@A-Fiat-handout-pictur-68.jpg

CV said...

1063 on the futures tomorrow (as of now)...

I'm telling you...

1056/7 and we bounce...

I'll take a throw over to 1050... But first stop ought to be the .009 to 1056/7

Andy T said...

as of right now, i'm feeling pretty "salty" on that early week trading call from last night. Those were the right trades to start the week....

If you bought the DX dip and sold the ES rally, it's probably time to start 'tightening' up the stops. For instance, the DXY should really keep on ripping overnight. Trading back below 83.09 would be a disappointment for bulls.

Similarly, trading above 1080 now on the S&P futures would be a buzz kill for new shorts.

CV said...

Doh!

Pork Bellies... LIMIT DOWN in the AH...

Some commodity hedge fund must be blowing up...

THE BACONATOR!

Who was the moron last week that was writing about strong bacon prices being a "bullish" sign for the economy...

What a maroon!

CV said...

"Baconator" = Bacon Indicator

CV said...

...at ZH

Guest Post: How Hyperinflation Will Happen
Submitted by Tyler Durden on 08/23/2010 10:56 -0500


Ben Bernanke CPI CRAP Exchange Traded Fund Fail Federal Reserve Government Stimulus Gross Domestic Product Guest Post Hyperinflation Japan Main Street Nationalization New Normal Purchasing Power Quantitative Easing Real estate recovery Smart Money Sovereign Debt Too Big To Fail Unemployment

Yields are low, unemployment up, CPI numbers are down—in short, everything screams "deflation". Nevertheless, the next leg down in the Global Depression will be a hyperinflation. Here's why it will happen, how it will happen, and what to do about it. - Gonzalo Lira

» 625 comments Read more

---

625 comments... DOH! I'm not even going to look...

What's the "over/under" on how many "bitchez" there are in that thread?

CV said...

Early "C'MON MAN" fodder...

Housing Slide in U.S. Threatens to Drag Economy Into Recession

http://www.bloomberg.com/news/2010-08-23/housing-slide-in-u-s-may-drag-economy-into-recession-as-foreclosures-rise.html

THE ECONOMY has been a busy bee today...

- In the morning stocks were up on THE ECONOMY
- Then sold off on worries about THE ECONOMY
- Bonds (as LB pointed out) rallied on THE ECONOMY

Now... THE ECONOMY is being mercilessly dragged down by a housing slide...

That's damn ECONOMY needs a breather... C'Mon Man!

McFearless said...

http://www.amusingplanet.com/2010/08/whats-in-your-bag.html

Anonymous said...

perusing the comments-

it appears that b22 does not appear to believe in BR's self applied Truth Seeker badge-

C'mon Man!

also - WTF is Dolce and Gabbana?

CV said...

"WTF is Dolce and Gabbana?"

Well - In Europe it's a clothes and accessories designs that are pretty good (overall)...

In the US?

fake T-Shirts on a New York City street corners that are sold to hookers & drug pushers (along with car decals) to put on tricked out pimpmobiles with spinning rims...

Fergie said...

ahab Darling...

I'll sing you my "Dolce & Gabbana" lullaby...

http://www.youtube.com/watch?v=iEe_eraFWWs&feature=search

CV said...

Can I say?

Nikkei down 1.26% in the session (low of the session)...

Katherine?

CV said...

BTW... That's a LOWER LOW on the Nikkei 225 than the late June/Early July lows...

KATHERINE?

Bruce in Tennessee said...

"The Deadly Grip of Debt - Gretchen Morgenson, NYT
It's one of the toughest lessons an investor has to learn: While the value of assets can plummet posthaste, it takes forever to shrink the debt that was used to buy them."


...I am not a big fan of Gretchen M. However there is truth in the headline, and something most don't consider until it happens to them...it takes a very long time to shovel out from under big debt. Personally or as a nation...

AmenRa said...

Why are US futures taking their time to reflect the damage going on overseas?

Anonymous said...

CV-

Dolce & Gabbana- never heard of it- ever

also- Fergie- watched the clip- I liked Will Ferrell's version better-

http://www.youtube.com/watch?v=9393hRQmwU0

also- where is the Dolce & Gabbana connection?

Anonymous said...

"While the value of assets can plummet posthaste, it takes forever to shrink the debt that was used to buy them."

excellently put

Bruce in Tennessee said...

Ahab:

I have noticed over the last two weeks a considerable dimunition in the rah, rah! attitude of the usual economic outlets. CnBC, Cnn, Msnbc, many others are looking at this in a more realistic manner tonight. Of course those of us that are chronic sourpusses, we have been looking at this as still massive debt that as Hussman said today, must be reconciled.

..I think not just the little guy pulls out in the next few weeks...

Bruce in Tennessee said...

'Night...

Visions of BMW's danced in their heads....

CV said...

@Amen

I dunno...

But NIkkei 225 taking out it's June/July lows can't be a good sign...

to me - at least

CV said...

@ahab

LYRICS dude... lyrics

CV said...

Obama Aides Review $30 Billion in Technology Contracts

http://www.bloomberg.com/news/2010-08-23/obama-administration-targets-30-billion-in-technology-projects-for-cuts.html

Before leaving office last month, former White House budget director Peter Orszag ordered a review of the $80 billion the government spends annually on technology to determine whether lax oversight has led to cost overruns, delays and the implementation of obsolete systems.

“We need to end a culture in Washington where we continue to throw good money after bad money,” Vivek Kundra, President Barack Obama’s chief information officer, said on a conference call today with reporters. “If these projects can’t be turned around, if they don’t add value, we will take the appropriate actions. They may be discontinued.”

---

LAX oversight?... Say it isn't so...

Damn... That's the 2nd thing to come along today to ruin the lobster dinner at Martha's Vineyard...

AmenRa said...

Asian Stocks Fall on Growth Concern; Nikkei Enters Bear Market

Asia Stocks Set to Rally as Inflation Peaks, Credit Suisse Says

Question to Bloomberg: Well which one is it?

karen said...

Hey.. I'm all missing the fun.. till now. CV.. enjoyed the Stella link.. gotta love a man of his word.. so rare, so rare.

AmenRa said...

Nikkei off its lows. Abracadabra. The magician never reveals his secrets. Why is it back up? I have no freakin' clue.

karen said...

well, pork bellies are getting slaughtered.

wunsacon said...

>> Nikkei off its lows.

Sore wa anata, Maria Bartiromo?

wunsacon said...

>> Before leaving office last month, ... Peter Orszag ordered a review ...

Sigh...Why not stick around to actually follow through?? What's the new blood going to do besides "study the problem" for the first 2 years once he/she takes the reins?

F*** term limits. We need mandatory sentencing! "So, you took this government job... How long ago? Now you want to quit and head for the revolving door?? Get your ass back in there!"

AmenRa said...

Looks like someone found the magicians book of secrets...

wunsacon said...

Amen, assuming Google Translate worked correctly, I was asking you in Japanese whether you're Maria Bartiromo. Why? Because you were talking about the Nikkei and because Maria appears on CNBC, where* permabulls often go to great lengths on down days to point out that the market is "off its lows". (* Or so I've heard.)

wunsacon said...

Hey CV, sorry you took offense to a quote from "Sulu" on the other thread. That was me. It was a joke that seemed appropo. Sorry for ass-uming everyone recognizes Trek quotes.

http://www.milkandcookies.com/link/49983/detail/

-Kirk out.

Bruce in Tennessee said...

http://www.usatoday.com/news/education/2010-08-24-1Alawschool24_ST_N.htm?loc=interstitialskip

Grads taking law schools to task for poor job market

"Georgetown Law student Roger Gordon, who says he has racked up $175,000 in loan debt, wants more than that. In June, he petitioned the Supreme Court to decide whether people who take the bar exam even need three years of law school. "If you count on law schools to do the right thing, you're going to be waiting a long time," he says."

...Or, by association, you can sit on the supreme court without ever having been a judge...

McFearless said...

EWI on their 3 of 3 of 1 of 3 count going into today, it's make or break for this count, so futures appear to be in line, but it's way too early and there is "news" today.

CV said...

NEW THREAD

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