AmenRa's Corner

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



Creditcane™: The animals have already left for higher ground. They can feel me coming.



SPX
Bearish short day (failed to confirm bearish thrusting). Midpoint above EMA(10). Still above the trendlines (3/6/09-7/1//10), (2/5/10-5/6/10) & (4/26/10-8/9/10). Above all SMA's. Above 1110.02 (the .09 fibo from high) and was heading for 1151.86 (the .0557 fib form high). No daily 3LB changes (reversal is 1121.90). QE2infinity.



DXY
Bearish long day. Below all SMA's. Midpoint below EMA(10). Looking to test its 61.8% retrace at 79.72. New low on daily 3LB (reversal is 81.85).



VIX
Doji day (confirmed bullish harami). Midpoint above EMA(10). Below weekly 3LB mid and monthly 3LB mid. Still below all SMA's. No daily 3LB changes (reversal is 23.89). Trending down on daily 3LB.



GOLD
Bullish short day. Still above all SMA's. Midpoint above EMA(10). Passed retest of 0% retrace (made a new 0%). New high on daily 3LB (reversal is 1272.20).



EURUSD
Bullish long day. Midpoint above EMA(10). Looking to test the 50% retrace. Above all SMA's. New high on daily 3LB (reversal is 1.3015).



JNK
Bearish short day. Above all SMA's. Midpoint above EMA(10). Looking to the 76.4% retrace. No daily 3LB changes (reversal is 39.50).



10YR YIELD
Abandoned baby day. The 0.0% fibo retrace at 24.69 has been holding (for now). Back below the 14.6% retrace (26.94), still below the weekly 3LB mid (27.60) and the SMA(21). Midpoint below EMA(10). No daily 3LB changes (reversal is 24.99).



AUDJPY
Spinning top day again. Last three days formed an evening star with confirmation. Held its 61.8% retrace. Midpoint above EMA(10). Above all SMA's. No daily 3LB changes (reversal is 79.5419).



CRB
Spinning top day. Failed test of 100% retrace at 280.69 (for the third time). Midpoint above EMA(10). Above all SMA's. No daily 3LB changes (reversal is 274.27).



DJ TRANS AVG
Bearish engulfing day. Holding above the upper trend line and all SMA's. Midpoint above EMA(10). No daily 3LB changes (reversal is 4450.73). Trending up on the daily 3LB.




LEFTBACK'S BOND REPORT

The Bond Report 9.22.10

Another moderate risk-off day in credit. It was a flattener as long bonds were bid again. Ts outperformed corporates and IG > HY.

Corpies: LQD -0.06%; AGG 0.03%; JNK -0.25%; HYG -0.41%;
Govies: TLT 0.90%; IEI -0.03%; TIP 0.14%
Hedgies: TBT -1.91%

We did nothing. A right shoulder continues to form on TLT as LQD and AGG seem close to executing double tops. Unless there are a host of apocalyptic data releases, we think this is it for bonds for a while, and we would be looking for entry points on the short side, even as we unload more of our once very large long positions.


9 comments:

call me ahab said...

WOW- from the CEO of Walmart-

I don't need to tell you that our customer remains challenged…You need not go farther than one of our stores on midnight at the end of the month. And it's real interesting to watch, about 11 p.m. customers start to come in and shop, fill their grocery basket with basic items – baby formula, milk, bread, eggs – and continue to shop and mill about the store until midnight when government electronic benefits cards get activated, and then the checkout starts and occurs. And our sales for those first few hours on the first of the month are substantially and significantly higher.


that staggers my mind- beyond unbelievable- I am going to go one end of the month- late- just to check out the surreal experience.

appears to be almost a community get together

Andy T said...

The action from the yday's high looks more "corrective" than anything else. A new high in price wouldn't surprise here. We may very well grind lower and test all those 1131 buyers some more, but there is nothing about the last 24 hours that looks "impulsive" in a way that suggests: "Get Asshole Short right now."

Just My $.02.

I'm secretly hoping we can get to 1170....

I've got my own mom short now FWIW....Good thing we get along well.

AmenRa said...

Futures are trying to push higher. AUDJPY and EURJPY are higher (not by much). Gold is higher (1300 will get tested this week). There's selling of 2, 5, 10 and 30yr USTs. DXY, oil and yen are down. Not sure about weekly claims but durable goods should start showing a major contraction soon: http://www.consumerindexes.com/commentary_2010_dailygrowthindexvsgdp_full.png

Andy T said...

Ahab...on WalMart:

That is some wild shit man. I guess that's our 21st century "bread line" as it were....

Bruce in Tennessee said...

Ahab:

That is beyond scary. I suppose I must keep my real thoughts about it to myself...wouldn't to any good to vent.

72bat said...

b'n't -
why not, if not just for the release of venting?
me, i envision a pipeline from washington to walmart to china

call me ahab said...

21st century breadlines indeed-

a perfect description-

and yes it is scary, surreal and sad-

I am going to check it out for myself- mill around and whatnot- just so I can be a witness-

not quite Burning Man- but hey- Walmart is just down the street

Andy T said...

72bat: Good point...the Pipeline from DC to Walmar to China...

It is what it is.

mcHAPPY said...

That doesn't look too good for Cramer. Sorry if this was already posted but not much time the last couple of days.

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