TRADERS ANONYMOUS: Morning Corner 2.10.11

CSCO (weekly info)
new high 22.01
trend=up
high= 22.01
rev= 20.17; mid= 21.09

Cisco missed on EPS but beat on revenue. Reduced forecast for future growth. AH closed below weekly 3LB reversal price and also below its 23.6% retrace. Monthly 3LB is still trending down. Stock has traded back up to gap resistance (up until earnings) and it will continue as resistance. It should reverse this week. If not then why even care about fundamentals.

QQQQ (weekly info)
new high 57.38
trend=up
high= 57.38
rev= 54.74; mid= 56.06

Technology is holding up for now. Cisco is only 2.4% of the Q's so its weakness may not do too much damage. Monthly 3LB is trending up. The blinking game continues.

FXI (weekly info)
-no change (below mid)
trend=up
high= 47.76
rev= 38.36; mid= 43.06

Trading below its weekly 3LB mid indicates weakness. It's very close to its monthly 3LB mid and a monthly close below that would ratchet up the weakness exponentially. It tested its 50% retrace twice. Will it catch a bid and go for a third test? Probably not since China keeps raising rates to keep inflation in check. This doesn't even include the 30% drop in real estate prices that they are planning. More yang than yin.

Disclosure/Warning

This blog should not be interpreted as investment advice of any kind. The authors are NOT representing themselves CTAs or CFAs or Investment/Trading Advisor of any kind. The authors may or may not trade in the markets discussed. The authors may hold positions opposite of what may by inferred by this blog.The information contained in this blog is taken from sources the authors believes to be reliable, but it is not guaranteed by the authors as to the accuracy or completeness thereof and is presented here for information purposes only. Commodity trading involves risk and is not for everyone.

219 comments:

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Anonymous said...: k-

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http://finance.yahoo.com/q?s=CMG&ql=1

Mo-Mo 'Ho's ?

AAIP; February 10, 2011 at 4:37 PM
A fixed income analyst to be named later said...: The Bond Report 2.10.11

Risk was on a bit, but mainly it was a shellacking at the long end. Traders will continue to do this until there is some resolution of the debt ceiling issue or somebody else's bond market becomes more amusing to fuck with. Luckily Ireland and Portugal are out there.

Spreads are widening in muni land between the high and lower quality issues. You get the feeling we are in the "second inning" on this. Remember that, from the sub-prime crisis. In the 2nd inning, it was "contained". Mortgages are steady, the BERNANK will have that on his radar for sure. Take a look at TIPS, they are offering as much protection to investors as a rice paper condom.

Corpies: LQD -0.49%; AGG -0.29%; JNK 0.12%; HYG 0.11%
Govies: TLT -1.15%; IEI -0.22%; TIP -0.62%
Munis: IQI -0.76%; MUB 0.41%
Mortgages: MBB -0.09%
Specialty: ZROZ -1.85%; TBT 2.00%

We did nothing, we are riding our short of EEM. We are watching ZROZ and will eventually start a position. Second mouse.... ! We also have to set up a new portfolio for hedging FI and will probably do that Monday.
It is going to be a tough grind for a while in bonds until the economy shows signs of slowing down, which it will.; February 10, 2011 at 4:39 PM
Anonymous said...: http://www.imagesocket.com/view/2011/01/25/panties511jpgpk3n.jpg

Did I mention I was somewhat color blind?
Pink, red, whatever.; February 10, 2011 at 4:40 PM
A fixed income analyst to be named later said...: Marky

The long bond was a 5.4% during the go-go year of 2007. We are close to 4.8% here in an economy held together with duct tape and inflated by helicopter fumes emanating from the Wizard's bunghole.

It feels very much like the last post QE1 sentiment extreme in bonds. We have arrived in the yield band that we expected. Note that the yield curve is at historic levels of steepness,and a flattener will benefit duration. The front end is going to be pinned below a 1% 2y, at least until we exit ZIRP, if that ever happens.; February 10, 2011 at 4:45 PM
Anonymous said...: Exit ZIRP?
Laugh my ass off
Just like we exited
Irag
Afghanistan
The War on terra
The War on Drugs
The War on Poverty...

blah de blah
Once we go in
we stay in
All in

foghorn; February 10, 2011 at 4:51 PM
Anonymous said...: AFIATBNL

That was NOT directed at you.
Just got a little War fatigue

foghorn; February 10, 2011 at 4:53 PM
Anonymous said...: Fixxy,

like this: "...We also have to set up a new portfolio for hedging FI and will probably do that Monday..."

gets close to what I was alluding to..

AAIP; February 10, 2011 at 4:53 PM
karen said...: http://dealbook.nytimes.com/2011/02/10/court-revives-shareholder-suit-over-blackstone-i-p-o/?smid=tw-nytimesdealbook; February 10, 2011 at 4:58 PM
A fixed income analyst to be named later said...: Foghorn, actually I am with you, I suspect we will not exit ZIRP for a long time. Here is an example of Tool Time reporting, and what Ritholtz calls "recency bias", where guys look what happened over the last two months and extrapolate. The realtors will try to do "low rates are gonna be gone for ever" and "you'll be priced out fuh evuh.." but we are on to them.

http://finance.yahoo.com/news/Era-of-superlow-mortgage-apf-971054509.html?x=0&sec=topStories&pos=2&asset=&ccode=

IN any case, if rates zoomed north of 6%, (they will NOT) then prices would crater and people can walk in and pay cash or out 50% down on what used to be someone's $1M palace.

So GO AHEAD, MAKE MY DAY, bond vigilantes.; February 10, 2011 at 5:11 PM
I-Man said...: @ Mark

Going well. Not losing money every day like I was before.

As per your question, is there any, doubt?

What could be more One Love than doing what the I loves to do for a Livity?

Not breaking any income records, but I'm a way better trader now than I was when I started... and way happier.

If I could generate a few more kick ass up days a week, I'd be tickled.; February 10, 2011 at 5:24 PM
I-Man said...: OH, and its "JAH Grid" that I-Man is trading...

So, harmony inna Iration.

You think any human could design anything so beautiful?; February 10, 2011 at 5:26 PM
Anonymous said...: I-Bro,

"...and way happier..."

that's the ol' Pepper..

just, checking~

AAIP; February 10, 2011 at 5:31 PM
I-Man said...: Cheers with a whiskey can, or jar, depending.; February 10, 2011 at 5:33 PM
Anonymous said...: There once was a site for some brokers
it would have been more fun if they were tokers
The sense of humor was brokered
Almost as if they were tuckered
But no
they had just been buggered
by Big Ben

Big Ben
Big Ben
He waddles like men
and performs like hen
Had a thing for the yen
But along came Suliamen
Big Ben
Big Ben
CV had an interesting site
but Ben said you have no right
shut it down you sprite
or I will bring the might
Big Ben
Big Ben
The Karen has lovely legs
The Bruce has fine turkeys
IMan likes big boobs
And foghorn likes U tubes & panties
Big Ben
Big Ben; February 10, 2011 at 5:35 PM
I-Man said...: F*ckin brilliant, Horn.; February 10, 2011 at 5:39 PM
Anonymous said...: Why won't rates exceed 6%?
They were around 17% when I tried to buy my first place in the early 80's.

Don't bother, i know.

foghorn; February 10, 2011 at 5:41 PM
I-Man said...: 17%!!!

Thats so, like, 2015.; February 10, 2011 at 5:42 PM
AmenRa said...: Corner up; February 10, 2011 at 5:47 PM
Anonymous said...: 2015
nah
more like 2012
late 2012, like around 12.21

Just sayin'

foghorn; February 10, 2011 at 5:50 PM

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Morning Corner 2.10.11

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