WEEKEND EDITION - Happy Father's Day

Every person in the world has their personal family stories to tell, so I'm not going to corner you all and bore you with mine...


Well, yes I am... LOL (But I promise to make it short)...


One year, when I was still a little kid, for Father's Day we gave my dad this cardboard crown (that they were giving away as a promotion at Burger King)... I don't think it was a promotion for Father's Day in particular, just, you know... "Burger King"... Well, you figure it out... Anyway it was a classic crown looking thing (cardboard on the inside, but gold paper [sound familiar/] on the outside)...


All I can say is that on Fathers Day, for every year thereafter until I was out of the house (which was more than a decade of time passing)... My Dad used to saunter down the steps to the breakfast table singing "Hail to the Chief" and wearing that crown...


It was one of those rites... 


Everyone simply HAD to be assembled (not by law or anything - but it was a spectacle that nobody EVER wanted to miss)... Hell - after a few years, we'd all join in in CHORUS on the "Hail to the Chief" part...


The big mystery was, how he ever kept that crown in pristine condition all those years... I mean, it was in as good a shape (after more than a dozen years) as it was was on the first day...


CV could later attest that it was NOT kept pressed between the pages of the Playboy Magazines... Although those too were kept hidden from sight, their location was easily smoked out by an eager teenager...


Anyway, my Dad has gone off to the next kingdom, but he's never stopped being part of this one...


And to the rest of you "Dads" out there, (including Andy - who will be taking this Sunday off to be with his family), HAPPY FATHERS DAY

AmenRa's Corner "Phi Day"

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

Can we hit the wall of this creditcane already.

SPX
Spinning top day (body too large for doji). Working off overbought or prepping for crash? 1078.87 (fibo 1.618 from low) is still waiting for retest. Closed above the 21 SMA and above the 233 SMA. Midpoint now above 10EMA. Back above the trendline using 2010 lows & the 3/6/09-5/25/10 trendline. New high on daily 3LB (reversal now 1091.60). Not confirming the monthly 3LB reversal (it's a long month). QE2infinity.



DXY
Spinning top day. Down move is looking tired. Midpoint below 10EMA. The 85.11 (fibo .1459) is still holding (91.80 is next). Back below the 76.4% retrace. New low on daily 3LB (reversal still 88.23).



VIX
Bearish short day (aka fake inverted hammer from 6/17/10). Midpoint below 10EMA. "Fear is here so don't get fooled on market pumps (still holds true)." Below the 55 SMA and below monthly 3LB mid. Daily 3LB reversal down (reversal is now 45.79). Not confirming the monthly 3LB reversal.



GOLD
Spinning top day. Closed above previous high. Well above the 21 SMA. Midpoint above 10EMA. "To hell with fiat! Say it again! I'm gold and I'm proud!" (Gold's rally cry). New high on daily 3LB (reversal is 1240.80).


EURUSD
Doji day (body < 5% of h-l range). Indecision (or scared of weekend surprises). Midpoint above the 10EMA. Back above the fibo .1855 at 1.2336. The test of the 1.1571 (the .236 fibo level) has been delayed (for now). Far below trendline (11/27/09-3/17/10). No daily 3LB changes (reversal is 1.1936).



JNK
Bullish short day. Tested the 50.0% retrace (failed) but above the 233 SMA. Midpoint above 10EMA. No daily 3LB changes (reversal is 39.38).




GS
Spinning top day. Still below the 21 SMA. Midpoint now above the 10EMA. No rest for the wicked. Still no test of the 2.058 fibo (using low) of 144.98. Still wants to test the 1.618 fibo (using low) of 124.12. No daily 3LB changes (reversal still 144.95).



AAPL
Bullish short day. Trading above all SMA's. New high on daily 3LB (reversal is 235.86). Also had a daily 3LB reversal up on 6/17/10.





BP
Bearish short day. Still trapped by candle body from the long down day on 6/9/10. Still below the 0.0% retrace. Still below the 10EMA. No daily 3LB changes (reversal is 43.86).

Morning Audibles 6.18.10 - Open Thread

Sorry, having a few technical problems this morning...

Open Thread for now (duh - aren't they all)... I'll be back with some words after things get sorted out...

AmenRa's Corner

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

WTH happened in the last half hour?

SPX
Doji day again (more indecision). Still is possible start of evening star (just a day late). 1078.87 (fibo 1.618 from low) is still waiting for retest. Closed above the 21 SMA and above the 233 SMA. Midpoint now above 10EMA. Back above the trendline using 2010 lows & the 3/6/09-5/25/10 trendline. New high on daily 3LB (reversal now 1086.84). Not confirming the monthly 3LB reversal (it's a long month). QE2infinity.



DXY
Bearish short day. Morning star went supernova. Midpoint below 10EMA. The 85.11 (fibo .1459) is holding (91.80 is next). Back below the 76.4% retrace. New low on daily 3LB (reversal still 88.40).



VIX
Bearish short day (possible inverted hammer). Midpoint below 10EMA. "Fear is here so don't get fooled on market pumps (still holds true)." Below the 55 SMA and nearing monthly 3LB mid. No daily 3LB changes (reversal is 24.91). Not confirming the monthly 3LB reversal.



GOLD
Bullish long day. Confirmed bearish thrusting. Still above the 21 SMA. Midpoint above 10EMA. "To hell with fiat! Say it again! I'm gold and I'm proud!" (Gold's rally cry). New high on daily 3LB (reversal is 1240.80).



EURUSD
Bullish short day. Unfortunately it confirmed bearish thrusting. Midpoint above the 10EMA. Back above the fibo .1855 at 1.2336. The test of the 1.1571 (the .236 fibo level) has been delayed (for now). Far below trendline (11/27/09-3/17/10). New high on daily 3LB (reversal is 1.1936).



JNK
Bullish short day. Tested the 38.2% retrace (passed) and now above the 233 SMA. Midpoint above 10EMA. No daily 3LB changes (reversal is 39.38).



GS
Spinning top day. Still below the 21 SMA. Midpoint below the 10EMA. No one wants to play in their sandbox. Still no test of the 2.058 fibo (using low) of 144.98. Still wants to test the 1.618 fibo (using low) of 124.12. No daily 3LB changes (reversal still 144.95).



SLV
Bearish short day (after gapping up on open). Midpoint above 10 SMA. Still below the 21 SMA. Tested the 85.4% retrace (failed). No daily 3LB changes (reversal is 19.12).



XLE
Hammer day. Still above the 21 SMA and 38.2% retrace. Midpoint above 10EMA. No daily 3LB changes (reversal is 50.53).




LUMBER
Weekly view of lumber. All you'll need to know about the housing market. Can't have an economic recovery without a housing recovery and this chart says expect a "double dip".

Morning Audibles 6.17.10 - 16 Years later

Anybody "pining" for the good old days?


You know... When life was simple (and we didn't feel the need to have media headlines dominate our lives)...


It's tough for CV to remember exactly, but I remember flashes... Of 1994... (specifically, June 17th 1994)...


- There was an economic "recession" in 1994... TYPICAL, as I recall... Pretty much the same as a "Wall Streeter who Blogs" might describe today...


- 1994 was also a WORLD CUP year... LOS ANGELES was the host... The games would start a day later, June 18th... (with the US team miraculously tying the Swiss 1-1 on a FREE KICK goal from the top of the box)... The "host nation", USA, would later beat COLOMBIA on an "own goal" [whereby the perpetrator of the own goal, Andres Escobar of Colombia, would be "shot to death" by pissed off fans upon his return home]... USA eventually advanced to the knockout rounds and were eliminated by World Cup champion BRAZIL (whereby the USA team fashioned a VERY STOIC performance led by goalkeeper Tony Meola, and players like Eric Wynalda, Alexi Lalas, John Harkes, & Roy Wegerle, who broke into the European soccer leagues... as well as athletic talents like Cobi Jones & Claudio Reyna)... In the FINALS, Italia lost to Brazil when superstar Roberto Baggio (of Juventus) flew a final sudden death penalty kick over the left upper crossbar...


- CV was living in Italia during this time (1994)... But before all of the UNRAVELINGS of what was described in the previous bullet... I remember watching this strange scene (with no sound) on a TV, attached to a pergola, in the outdoor gazebo portion of a trendy PIZZERIA in Rimini, Italia...

June 17th, 1994

The pizza I ordered, was a "stracchino & rucola"... Mamma mia che buona! MWAH!

Si come devo spiegare... Una pizza con "stracchino & rucola" (arugula)... e una pizza bianca (con verdure) & in caso mio, insieme con la birra - TANTO!... La "pizzeria" si chiama EMBASSY... Se volete, ogniuno di vuoi... io posso farti conoscere il capo di questo posto... Ti guiro che si mangia bene gli... Sicuramente!

Va bene?

Oggi? 2010, 17 Giugno? Che fai SPX?

Che cazzo ne so? :-)

Buon appetito! (mi manca ITALIA - un puo...)

AmenRa's Corner

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

España

SPX
Doji day. Possible start of evening star. 1078.87 (fibo 1.618 from low) is still waiting for retest. Closed above the 21 SMA and above the 233 SMA. Midpoint now above 10EMA. Back above the trendline using 2010 lows & the 3/6/09-5/25/10 trendline. No daily 3LB changes (reversal now 1064.88). Not confirming the monthly 3LB reversal (it's a long month). QE2infinity.



DXY
Doji day. Possible start of morning star. Midpoint below 10EMA. The 85.11 (fibo .1459) is holding (91.80 is next). Back above the 76.4% retrace (barely). No daily 3LB changes (reversal is now 88.40).



VIX
Bearish short day. Midpoint below 10EMA. "Fear is here so don't get fooled on market pumps (still holds true)." Still below the weekly 3LB mid and below 30. No daily 3LB changes (reversal is 24.91). Not confirming the monthly 3LB reversal.



GOLD
Bearish thrusting day. Still above the 21 SMA. Midpoint above 10EMA. "To hell with fiat! Say it again! I'm gold and I'm proud!" (Gold's rally cry). No daily 3LB changes (reversal is 1188.60).



EURUSD
Bearish short day. Possible bearish thrusting. Midpoint above the 10EMA. Back below the fibo .1855 at 1.2336. The test of the 1.1571 (the .236 fibo level) has been delayed (thanks GS). Far below trendline (11/27/09-3/17/10). No daily 3LB changes(reversal is 1.1924).



JNK
Bullish day. Didn't need to test the 23.6% retrace and now above the 233 SMA (barely). Midpoint above 10EMA. No daily 3LB changes (reversal is 39.38).



GS
Bullish short day. Still below the 21 SMA. Midpoint below the 10EMA. Still no test of the 2.058 fibo (using low) of 144.98. Still wants to test the 1.618 fibo (using low) of 124.12. No daily 3LB changes (reversal still 144.95).



WTI
Spinning top day. Trading above the 21 SMA. Midpoint above the 10EMA. Tested the weekly 3LB mid at 77.58 (failed). No daily 3LB changes (reversal now 74.61).



XHB
Doji day. Tested the 21 SMA and failed. I guess housing starts means "a time to rethink" for the homebuliders. Midpoint above 10EMA. No daily 3LB changes (reversal is 15.38).

Morning Audibles 6.16.10 - All The News That's Fit to Print

Cramer

"This market is stupid. And it is hated for a very good reason. The market seems rapacious, arbitrary, capricious and downright ridiculous. It is a tale told by an idiot, full of sound and fury, signifying nothing."

Kudlow: "Double Dip"??? Is that like doing TWO lines of coke?

OBAMA TAKES CHARGE

"Obama seeks to take charge of BP disaster"

http://www.msnbc.msn.com/id/37700674/ns/disaster_in_the_gulf

...so we have that going for us!

"U.S. stocks rise on inflation" (Market Watch)

...oh really? Let's have HYPERINFLATION then so we can have DOW 36,000!

Art Hogan

The index, used as a gauge of the broad market by market professionals, finished above its 200-day moving average at 1,107, "a clear signal that things have gotten better," said Art Hogan

...things have gotten better!!! All with about 3 ticks in the SPX!!!

Hulk Hogan

I can do more lines than you Kudlow!

Doug Roberts

"There are rumblings the austerity plan may work," said Doug Roberts, chief investment strategist at Channel Capital Research.com., of Europe's effort to stem its debt crisis...

"The panic from the euro-zone crisis has abated, with the likes of Spain and Ireland able to successfully tap the credit markets, supporting a move into riskier assets," according to analysts at Action Economics.

Meanwhile...

IMF head Dominique Strauss-Khan is flying to Spain "to discuss global economic developments with the Prime Minister, and to consult with him on developments in Spain, including the government's economic policies and reforms" according to Reuters. The last time the IMF sent a delegation to a country was on April 15th when the IMF together with representatives from the EU and ECB took a jaunt over to Athens. A month later the country was insolvent.

"Bet against us and you're going to lose your shirts"!

There's an Elephant In the Way... Still...

Or maybe not!? (from somewhere I read)...

"There is not a lot of liquidity in the market as a lot of major hedge-fund managers are on holiday"...

So that's it people... Good Luck with your trades! (I'm sure you're happy to have that "pattern matcher" technology to help you handle the workload)... That is, of course, when you can actually log-into and access your account...

 Pretty basic chart here, but it would seem to me that any time around now would be a nice time to give up pushing the upper boundaries of this price channel, and go down to establish a lower boundary right around 1090 (where a gap exists)... I mean, even BULLS ought to applaud that validation...

AmenRa's Corner

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

I'm still here...

SPX
Bullish long day (confirmed bearish thrusting). 1078.87 (fibo 1.618 from low) is still waiting for retest. Closed above the 21 SMA and above the 233 SMA. Midpoint now above 10EMA. Back above the trendline using 2010 lows & the 3/6/09-5/25/10 trendline. New high on daily 3LB (reversal now 1064.88). Not confirming the monthly 3LB reversal (it's a long month). QE2infinity.



DXY
Bearish long day. Midpoint below 10EMA. The 85.11 (fibo .1459) is holding (91.80 is next). Back below the 76.4% retrace (barely). Daily 3LB reversal down (reversal is now 88.40).



VIX
Bearish long day (yesterday must have been a plastic hammer). Midpoint below 10EMA. "Fear is here so don't get fooled on market pumps (still holds true)." Still below the weekly 3LB mid and below 30. No daily 3LB changes (reversal is 24.91). Not confirming the monthly 3LB reversal.



GOLD
Bullish long day (denied harami). Still above the 21 SMA. Midpoint above 10EMA. "To hell with fiat! Say it again! I'm gold and I'm proud!" (Gold's rally cry). No daily 3LB changes (reversal is 1188.60).



EURUSD
Bullish long day. Midpoint above the 10EMA. Back above the fibo .1855 at 1.2336. The test of the 1.1571 (the .236 fibo level) has been delayed (thanks GS). Far below trendline (11/27/09-3/17/10). New high on daily 3LB (reversal is 1.1924).



JNK
Bullish day. Tested the 23.6% retrace (passed) but still below the 233 SMA. Midpoint above 10EMA. No daily 3LB changes (reversal is 39.38).



GS
Bullish day. Still below the 21 SMA. Midpoint below the 10EMA. Still no test of the 2.058 fibo (using low) of 144.98. Still wants to test the 1.618 fibo (using low) of 124.12. No daily 3LB changes (reversal still 144.95).



WTI
Bullish long day (denied bearish harami). Trading above the 21 SMA. Midpoint above the 10EMA. Tested the 50.0% retrace at 75.69 (passed). New high on daily 3LB (reversal now 74.61).



10YR YIELD
Bullish long day. Midpoint is above 10EMA. Tested 38.2% retrace (passed). No daily 3LB changes (reversal is 31.58).