AmenRa's Corner

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



Creditcane™: Beware all ye who dare enter the POMO zone.



SPX
Inverted hammer day. Midpoint below EMA(10). Above all SMA's. No daily 3LB changes (reversal is 1193.57). second close below weekly 3LB midpoint. The monthly 3LB reversal has been placed on IR (may be back sooner than expected). QE2infinity.



DXY
Bullish long day. Midpoint above EMA(10). Above the 76.4% retrace at 77.60. Above the weekly 3LB reversal. New high on daily 3LB (reversal is 75.88).



VIX
Bearish harami day (or is it Takuri?). Midpoint above EMA(10). Still above SMA(21). Below weekly 3LB mid and monthly 3LB mid. No daily 3LB changes (reversal is 21.83). Tried to reenter the "no fear" zone but failed.



GOLD
Bearish short day. Now below SMA(21). Midpoint below EMA(10). Failed new 0% retrace. New low on daily 3LB (reversal is 1410.10).




EURUSD
Bearish long day. Midpoint below EMA(10). Approaching its 50.0% retrace at 1.3514. Back below 1.3782 (.09 fib from high). Back below SMA(21). New low on daily 3LB (reversal is 1.4202).



JNK
Bearish short day. Still below SMA(21). Midpoint below EMA(10). Still failing the Gann 4x1. New low on daily 3LB (reversal is 41.25).




10YR YIELD
Hanging man day (on a gap up day). Might have to work this off before continuing higher. The 0.0% fibo retrace at 23.59 is the line in the sand. Still above SMA(89). Midpoint above EMA(10). New high on daily 3LB (reversal is 24.84).



DJ TRANS AVG
Inverted hammer day. Still failing to get above 11/09/10 midpoint. Still above all SMA's. Midpoint below EMA(10). No daily 3LB changes (reversal is 4924.46).



CRB
Bullish harami day (reversal…nah). Midpoint below EMA(10). Back above SMA(21). Still failing the Gann 1x1. No daily 3LB changes (reversal is 319.11).



XLF
Homing pigeon day (uh oh reversal may in store). Midpoint below EMA(10). Still above all SMA's. No daily 3LB changes (reversal is 14.23).



IQI
Bearish LONG day. Midpoint below EMA(10). Below all SMA's. New low on daily 3LB (reversal is 12.87). Trending down on weekly 3LB and has now closed below the monthly 3LB reversal price.



32 comments:

karen said...

thanks, AR : )
today was not the pomo/momo normally seen..

ben22 said...

AR, thanks as always for the wrap, the creditcane commentary has been great lately.

Now, am I the only one thinking that this power couple seems to be headed for trouble?

http://dealbreaker.com/2010/11/phil-falcone-needs-some-cash/

That Lisa Falcone, she's quite the..uh, dresser. I'm all for fashion, though I suppose I'm not much for "high-fashion", it's all a little too dollar like for me...ya know...FAKE.

AmenRa said...

Ben

I read earlier that they used some of their paintings to obtain a loan. But that still won't be enough.

AmenRa said...

Ben

I'm getting a feeling that the Fed is calling the PDs and warning them to use the POMO to push the market higher or they will cancel the damn thing. Three strikes and they're out.

AmenRa said...

Karen

That gap down at 2PM ET was someone leaving the party early. Decided not to wait around for the test results so to speak.

Andy T said...

The intra-day move down in the S&P 500 looks mostly "corrective" to me--not impulsive. For the short term traders who are short, 1203.5 and 1207.5 look like first and second levels of resistance for next few days. 1196 and 1183 look like first and second levels of support. Definitely see decent support, at least on a short term basis, at 1183.

Andy T said...

Don't look now but the Dollar Index is at the 23.6% retrace of the entire leg down and is going to be "bumping into" the top of the down trend channel. I'm sort of expecting some DXY weakness soon, at least on the shorter term charts.

Unfortunately for us Dollar Bulls, the short term pattern up from the lows doesn't look "impulsive."

AmenRa said...

Andy T

All day today the dollar was higher, the euro was lower, and the 10yr/30yr yields were higher. Yet the SPX was higher. As Ben and I mentioned earlier "which one of these do not belong in this group".

Andy T said...

Noticed BR is trying to let us all know that he's actually still a libertarian somehow.

Pfft. We know the truth....

The Ritholtzington Post

Funny stuff, that.

Andy T said...

@AmenRa

And, Gold continued to get smash-faced....

It's a weird one.

My boss is getting out of some of his Ford Stock now...

He bot that shit sub-2 bucks. The GM IPO and the fact that everybody is talking about how great the US Auto industry is forcing him out...

Andy T said...

"Old Man" camping story...

Someone brought a football to the camp. I thought I had once heard that the average man could throw a football 50 yards.

That was the challenge...throw it 50 yards.

Folks, that's a long way to toss the pigskin.

My arm is shot now...

AmenRa said...

Andy T

I still think the gold selling has to do with margin calls. The same thing happened the last time the market started selling off. It just traded down to the weekly 3LB mid (1357.75) but isn't close to the weekly 3LB reversal (1317.00)...yet.

Andy T said...

Agree with that on Gold. There are numerous layers of support below on Gold. But, that's sort of the issue with these hyper-extended markets, isn't it? Gold has dropped $70/oz and it's not even a speed bump on the charts.

Unless you happened to be the guy who bot $1400+, this is not even painful, yet.

AmenRa said...

But this pullback is what many have been looking for so they can buy gold.

ben22 said...

Ra,

I think that might have been McHappy this morning.

AT, I don't think this is the big move in these directions just yet, not on the dollar, not in stocks.....I might be a bull for December.

Ritholtzington Post....I'm calling that one. If you don't like it, blame Bush (either Bush in this case)

AmenRa said...

LMAO---> Ireland told: Take EU bailout or trigger crisis

The gloves are off.

AmenRa said...

Ben

Wasn't that you with the Big Bird video?

McFearless said...

No, I wish I could call it but that was McHappy.

McFearless said...

I should change my handle so people don't get us mixed up. I need a few nights to think up a crappy name.

cv said...

@Andy (7:15)

Well... If your name is "Andy" (and you're a 13 year old GIANT playing amongst midgets), you should be able to throw a football AT LEAST 35 yards...

Not accurately tho...

http://www.youtube.com/watch?v=BPmIvislRbU&feature=related

cv said...

Time for C'MON MAN

AmenRa said...

Oops that was mcHAPPY. My bad.

AmenRa said...

Guess I'll watch "The Event" LMAO.

AmenRa said...

This should keep you busy for a minute: Steve Keen's : My Lectures On Behavioural Finance

Matthew said...

I guess I should start by saying that I'm a Redskins fan. I should finish by saying that I lost interest in the game during the first quarter. *shakes head*

Andy T said...

Pretty awesome performance by Michael Vick. Really have never seen anything like that--it was like a video game out there at times. What's really fantastic is that he's on my FF team and....

....he's on my bench.

AmenRa said...

CME Group raises margins on gold and again on silver: http://www.cmegroup.com/tools-information/lookups/advisories/clearing/files/Chadv10-465.pdf

Kicking a man when he's down...

AmenRa said...

Cotton going up: 30 Percent Price In Cotton Products
from zerohedge

AmenRa said...

If you read this do so on an empty stomach: http://www.marketwatch.com/story/foreclosure-troubles-may-threaten-financial-system-2010-11-16

(esp when reading what the government or Zandi has to say)

cv said...

@Andy (11:35)

He's on my fantasy "dog killing" team... There, he's the league MVP and starts every week...

Don't get me started on Vick...

So what? 18 months and now he's "paid his debt to society"?... How about all the dogs he drown & elecrtocuted "for sport"?... Does 6 touchdowns on MNF exonerate him from all that?

I'm not implying here, that you're a fan of his (I'm just expressing MY views on Vick)...

Nobody has to agree with me on this (and I don't expect anyone to)... It's not a "thread topic" or anything it's just a personal view...

Bruce in Tennessee said...

Amen:

Read those stories about cotton...very interesting.

There are people who believe if you say something, folks will believe it:

http://www.cnbc.com/id/40206308

Fed Easing Is Not Aimed at Weakening US Dollar: Dudley

...I think the Dudley they mention must be Dudley Doright....used to see him on tv as a lad....

CV said...

new thread

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