Morning Corner 3.18.11

USDJPY (weekly info)
-no change (below mid)
trend=no
direction=up (2 bars)
high= 83.88
rev= 80.42; mid= 82.25


If you're wondering why USDJPY skyrocketed and futures followed right along then look at the circle. G7 intervention. The BoJ bought a ton of dollars to drop the yen. They also are not sterilizing the purchase which means they printed yen for the purchase.



ES (weekly info)
-no change (below mid)
trend=up
high= 1342.50
rev= 1289.50; mid= 1315.63



Another view on what intervention does in the after hours session. Bears be warned. Bulls need new winter outerwear. It's 10:45 ET. Let's see if they can keep this up until the regular session open.



Will today be this...




Or this...

140 comments:

Anonymous said...

EUR blastoff....

ben22 said...

this has been quite a great example of news being meaningless to larger trends has it not?

you had the japanese markets going down before the quake, the day of the quake they went up, japan was effed financially before this, everyone in the know was aware of their debt issues, they need to print Yen, and the Yen skyrockets, and so on.

even when news influences markets short term, it often does the exact opposite of what it is "supposed" to do.

karen said...

good morning.. i was walking with a dear friend yesterday and she asked me to tell her what i thot of a stock tip she had just been given by a client that NEVER gives out financial advice.. and, Karen, you know I don't buy individual stock, but he said to buy GE, it was going to 60.. what do you think?

pulled up a chart of GE this morning.. it rolled over in Feb.. the Japanese catastrophe has moved it 2 pts.

karen said...

oh, so i missed the great yen move.. wonder how long this intervention will hold.. even the headlines are hilarious..

Japan stocks jump on G-7 pledge to intervene

Central banks move to weaken yen and calm markets

(if CBs are so powerful why haven't they strengthened the dollar and weakened the euro??)

ben22 said...

strike that re, Nikkei going up day of quake...dow did, regardless, the point remains.

Anonymous said...

k-

if you'd like a real 'eye-opener', plot a GE:Ag(Silver) Chart from 2000 ...

a Sight to behold..
~~

McB,

nice point @ 07:21 ..
~~

also, this book..
http://www.amazon.com/exec/obidos/ASIN/0452288398/ref=nosim/cryptogoncom-20

for those looking for some 'Summer Beach reading' ..

AAIP

CV said...

@ben

I wasn't around last night, but I liked those probable 'characteristics' of wedges you described (7:14)...

Good stuff there...

CV said...

Japan stocks jump on G-7 pledge to intervene

Translation: Stocks up on... wait for it... wait for it... THE ECONOMY!

karen said...

i don't know about yours, but my moon is spectacular !! huge in the western sky and and casting a soft glow thru the darkness all the way down to my house : )

i should be out walking but that would be too scary alone even in my neighborhood.. who knows what creatures lurk.

karen said...

mark, i did your GE:$silver !

and speaking of slv.. today it breaks up! along with everything else. bruce and I will have sour grapes together today.. me on YCS and he on UPRO.

karen said...

He sounds like Ben: Keith McCullough
As long as we're making up history as we go here - everything is going to be just fine.

Anonymous said...

http://finviz.com/futures_charts.ashx?t=SI&p=m5

Silver looks like ~35.01..
~~

G7 Intervention on Yen
March 18th, 2011

It had to happen. Anyway, there’s the “free market” for you.

There’s a lot of mythology about free markets in mainstream texts books and corporate media, but when the wheels come off the cart in Fiat Currency Hell (and have no doubt about it, the wheels came off the cart with this Yen thing), the global Soviet Ministry of Currency Value Stabilization springs to life and says, “The free market is wrong here. Manipulation is necessary.”

Call this nonsense whatever you want, but it’s not a free market.

Maybe it’s Free Market Lite.

Or, Free Market Extreme!#@*!

Or, Free Market Plus.

I know:

Free Market — Now with Even More WTF™

http://cryptogon.com/?p=21265
~~

k-

the GE:$Silver chart is a beaut, no? ;)

AAIP

CV said...

@AAIP

(7:44)

Wheteher I'm right ot wrong (because there's nobody, even insiders, who could probably verify this)...

Anyway, look at the date you tossed out there... 2000...

2000, for all intents and putposes, was the high water mark in equities... (I think even Prechter agrees with this)...

To make a long story short... The banks didn't want to be left as 'bagholders' from 20 years of excess & leverage...

So after the 2000 crash, they started lending money to everyone on the planet with a pulse (housing bubble)...

Then that crashes, and there's a liquidity crisis... (rules changes, QE & pomo, the 'nationalization' of debt, private profits, public losses)...

In any case, each & every time these boom busts occur (since 2000), they banks realize that there are only 2 ways to survive...

1. Blow another bubble (avoid deflation)...

2. Inflate the debt away (which is really impossible because it's mathematically impossible to PRINT "x" more debt in order to pay back "y minus x" debt of the future...

But it does extend the TIME factor...

Extending the TIME factor has LESS to do, IMO, with actually THINKING the problem will resolve iself organically (such as, another INTERNET will be invented, or FREE ENERGY will come online [the latter of which, ostensibly would be horrifying to banks & politicians because they couldn't PROFIT from it, or at least they'd have to be clever about it])...

So we come down to the thesis of DEFLATION vs. INFLATION...

Banks CAN survive a hyperinflation, they DON'T survive a DEFLATION...

Well, let's put it this way... They could survive EITHER, but it would depend on where they were positioned in terms of their asset holdings...

1. They are in the process of owning vast chunks of LAND (because they hold the notes on defaulted mortgages - and are cutting a WHITEWASH deal on culpability as we speak thanks to out puppet POTUS)...

2. They basically OWN the politicians, because they'll "up the limit" on the credit card any time they're asked, and continue to send 0.5% teaser rates (so you can write off one balance, and transfer it to another balance)...

All they need to do now is get the PM's in their vaults and they have the whole YAHTZEE...

They've created a paper market for these (where they can suppress the spot price by printing themselves free money any time they want)...

Then, like CV going to the supermarket (& bank), and getting a couple of $2 rolls of nickles a pop... they s-l-o-w-l-y accumulate the PHYSICAL 'precious' and take delivery for it...

Frankly - When you think of it in those terms, the more DEVASTATING occurrence (to the average joe), is a hyperinflation scenario is where their LIFE SAVINGS are wiped out, and they become a DEPENDENT in the end...

I'm betting that the banks (and Patriot Act loving politicians) have that very scenario in mind)...

So get in line for your RFID chip... When the price of "lollipops" starts to go up, you'll know the end is near...

CV said...

"putposes"... lol

A funny Freudian slip...

ben22 said...

CV,

I don't man but it looks like I've already blown it with the brackets, way too many mistakes yesterday.

What a great opening day it was though.

ben22 said...

Karen,

the moon was great here last night also, it looked huge. I might bust out my scope tonight, it's supposed to be 70 here today...yay!

ben22 said...

"2000, for all intents and putposes, was the high water mark in equities... (I think even Prechter agrees with this"

that's right, he does. he likes to chart dow in gold since then (2000) and say "if people still used real money it would be easier for them to see the depression in stocks" as priced that way peak to trough we were down 80% +.

CV said...

@ben

I haven't checked my brackets yet...

Gonna do that now...

CV said...

@ben (8:21)

+++++++

See? I'm on Prechters side on a lot of things...

And FRANKLY... I think THAT (call it, the "Supercyle High" if I'm not mistaken)...

Is the Rosetta Stone...

ben22 said...

oh yeah you guys are, you have a lot in common with RP, probably more than you'd expect despite him being in the deflation camp.

there's a lot of misinformation about Bob on the interwebs, I've read every single one of his books, the guy is really not what people often think or claim he is

and of all the pundits out there, I still don't understand why so many people hate him so much in particular, he's maybe one of a handful of people that go on tv on the regular that seem somewhat normal to me, even with his radical views, the rest of these folks live in happy land all the time.

CV said...

Just looked at my brackets...

Grr... A few mistakes, but not a catastrophe...

Louisville really has me bummed...

Why?

Because I'd 'considered' taking Morehead State, then, I DID predict Richmond would topple Vandy, but I only moved Louisville to Sweet 16 for that reason...

If I'd have taken Morehead State, then I'd take Richmond to go to Sweet 16 (and still be pure there)...

That would have been a sweet bonus versus a lot of other peoples brackets...

C'est la vie...

If "ifs" & "buts" were candy & nuts... Oh what a wonderful world it would be!

karen said...

UUP in premarket below 21.77 now.. that was the low of early 2008..

karen said...

i think crude just dropped nearly $2

karen said...

#Libya foreign minister: Libya accepts the #UN resolution for immediate ceasefire -- Reuters

i think that did it.. there is an immediate ceasefire from accounts i am reading.

karen said...

ReutersBreakingNews
Libya accepts U.N. resolution for immediate ceasefire, decides to halt all military action - Libyan foreign minister

karen said...

http://www.bloomberg.com/news/2011-03-17/just-imagine-big-tokyo-quake-23-years-later-commentary-by-michael-lewis.html

Michael Lewis follow up to his 1989 article..

karen said...

wonder what the Libya factor contributed to gold $10? anyway, limit down would be $10, think

karen said...

It will be a wild open.. glad I'm up early or I wouldn't know up from down.

ben22 said...

looking at ES, I'm thinking there is some pinning going on....people that got greedy early this week holding long puts are going to feel "max pain" today....if bulls can push it higher than 1,300 I'll change my near term views about things.

72bat said...

mark -

with this, "if you'd like a real 'eye-opener', plot a GE:Ag(Silver) Chart from 2000 ..."

try GE:SLW from 2005

Jennifer said...

Karen -- no ER for me last night! But who knows what the weekend will bring! My portfolio might need a little CPR after this morning ...

Anonymous said...

North Dakota gas flaring at record high
10 minutes ago

(AP:BISMARCK, N.D.) The amount of natural gas being burned as an unwanted byproduct of oil production in North Dakota is at an all-time high, state officials said.

Oil companies burned 24.1 percent of the 10.5 billion cubic feet produced in January, the most natural gas flared in one month since December 2008, said Lynn Helms, director of the state Department of Mineral Resources. Gasses and vapors coming from the well increase the so-called flaring percentage to 29.5 percent, he said.

The federal Energy Information Administration says less than 1 percent of gas is flared from oil fields nationwide, and less than 3 percent worldwide.

Flaring has increased in North Dakota with the explosion of oil development of the Bakken and Three Forks formations in the western part of the state. Companies and state officials say excess natural gas is wasted because of a lack of infrastructure in North Dakota and a glut in the market...."
http://news.ino.com/headlines/?newsid=6897717638180
~~

McB,

to be clear, I love Prechter, his work on 'Socionomics', alone, should earn him 'high Plaudits'..

AAIP

CV said...

@mcf

I looked at your brackets...

Ouch-a-rino!

Funny thing is, I only had one more right than you, (but I still have 15 out of 16 'sweet 16-ers" & all 8 "elite 8's")...

Anonymous said...

72bat,

yes, no kidding, there are 'more extreme' examples..

SLW would be a good 'denominator' to use, in that case..

similarly, a friend of mine was Long C, from her Grandma, in 2000..

LSS: I told her to Dump it and buy FAX (she was looking for safety/income)

the C:FAX Chart is a thing to behold..(even, ex-Div.)

AAIP

Anonymous said...

....if bulls can push it higher than 1,300 I'll change my near term views about things...

here, too..

4 some *reason, 1,300 seems like a 'magic #'..

ibid.

ben22 said...

yeah, I'm toast on the brackets...ROR

Mark,

totally agree with you and I think in the end the Socionomics stuff is what he'll be remembered for, just probably much further down the line, maybe not even during his lifetime. Socionomic interest is gaining lots of momentum and finding its way into colleges as well, they are holding the very first socionomic summit this year in GA, people are really starting to show a greater interest in it, I suppose more people are starting to think we aren't all rational actors that can be modeled.

Jennifer said...

on SPX daily chart, the 20 is crossing the 50 right around 1300...it seems to me that there is almost a magnetic attraction when the moving averages cross, but with the two together they should serve as pretty strong resistance. If we get over them it will make the picture look very bullish.

Jennifer said...

I see all the new "liquidity" found its way to gold.

ben22 said...

re: liquidity

I'm just going to throw out there that Hussman's papers on the lack of liquidity that a quantitative easing program provides are thought provoking.

I still believe people are confusing speculation/animal spirits for liquidity.

all have a good day, gotta run.

Bruce in Tennessee said...

Karen,

Yep. Should have held the UPRO. Uncle Tepper called me last night and had a good laugh..

Bruce in Tennessee said...

http://www.reuters.com/article/2011/03/17/us-nike-idUSTRE72G7YU20110317?feedType=RSS&feedName=businessNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FbusinessNews+%28News+%2F+US+%2F+Business+News%29

Nike to raise prices sharply as costs hit gains

...Cost-Push inflation is what she is, Captain...

Bruce in Tennessee said...

http://www.nytimes.com/2011/03/18/business/global/18auto.html?_r=1&ref=business

DETROIT — General Motors said Thursday that it would temporarily shut a truck plant in Louisiana because it could not get enough Japanese-made parts, the first in what analysts say could be widespread disruptions at auto plants in North America because of the earthquake, tsunami and nuclear crisis half a world away.

...I believe that used to be called "just in time" manufacturing..

Bruce in Tennessee said...

http://www.cnbc.com/id/42130406

US Cost of Living Hits Record, Passing Pre-Crisis High

"One would think that after the worst financial crisis since the Great Depression, Americans could at least catch a break for a while with deflationary forces keeping the cost of living relatively low. That’s not the case."

Jennifer said...

FFIV didn't get with today's program...just lost its 200.

CV said...

When the PHYSICAL is in someones hands, "prices" are not that important...

If I bought a rack of ribs at $1.99 a pound and put it in the freezer, I'm not worried that it's $2.39 right now... & I'm very patient to see that one day where I might be able to buy it at $1.99 again... Whether or not that day comes...

If I bought it at $2.39 (and the next day the price drops to $1.99)... I'm a little bummed that I didn't get the best deal, but it also inspires me toopportunistically add a 2nd rack to the freezer... So I'm actually happy...

---

Instead - I hardly get any satisfaction in paper prices...

- Unlike the meat (where the PRICE went down to $1.99 and I buy more), I'm KINDA happy, I guess, that I can buy more stock and lower my cost average... But I'm also nervous and anxious, HOPING that the BOTTOM is now in and these LOSSES go away quickly on my theoretical balance sheet...

- If my stocks go up... I'm happy, but now NERVOUS about the point that I'm going to have to actually LOCK IN those profits... Forever wary about dips & things...

Then, there's the 'commissions & fees' tacked on to that for buying & selling, and the TAXES you pay on your profits...

Needless to say... Owning food & PM's is a lot easier on the nerves... Especially given the fact that if you FAIL to trade well, you end up being able to buy less food anyway... OR, the fact that even if you're a trading GOD, the 'food', these days, seems to be going up faster than your purchasing power...

Ironically, it's relative...

A 'trader' might brag about winning 20% on a $20,000 trade (hey look! I'm a trading GOD! I made $4,000 (minus the capital gains)...

But what if you bought a bag of coffee beans at $7 and now the price is $14??? Or if you exchanged a roll of nickles at face value (and now they're worth 7.5 cents... 50% profit)...

You're just some LOSER picking up pennies on the sidewalk...

But if you can compare your winnings to the equity traders, you're BEATING THEM BY A MILE...

Now- Go ahead and 'rationalize' that argument by saying "Well - I can't drink $20,000 worth of coffee", or, "What do I do with all these nickles"...

Let me answer that...

You, as an INDIVIDUAL, probably can't consume that much... But think out of the box...

What if you're a BANKER, who simply thinks of the BEST profit ratios... (50% or 100% is better than 20% right?)... It's simply a numbers game...

So why on EARTH, if the opportunity is available, wouldn't they want to try and send the money flow over towards the assets (PHYSICAL, as they may be), which are offering the best return...

They don't care if it means millions starve...

EVEN WORSE... Since the people on the lower end of the totem actually NEED the stuff, they'll be scrambling like banshees to get it off the shelves... Which justifies the reason for owning it in the first place...

A "glut" occurs when you have 3 or 4 obsolete cellphones in your closet...

Most people have more of that type of stuff than they have even a weeks supply of food in their pantry...

My gift (of wisdom) to you all...

Anonymous said...

EUR painting another flag....

karen said...

Jenn.. watch IWM.. almost a 3rd inside day but we did get a few pennies higher than yesterday.

Jennifer said...

Karen -- I saw! I know you're supposed to buy the breakout, but I'm not inspired.

I-Man said...

Someone's been working hard in the overnight sessions...

Thats two nights in a row we have tested or broken key technical levels on overnight volumes that are well, pathetic.

They will not hold over the near term. I am almost certain of that.

If the moves are meaningful, they come on volume, "regular" trading volume...

I-Man said...

Total quad witching fraud fest if you ask me...

Even if we are going higher from here, unlikey...

We will need to retest the "overnight prints" period.

I-Man said...

Another reason I dont like options...

karen said...

I-Man.. thanks for putting it in perspective.

bob said...

"Someone's been working hard in the overnight sessions"

Yep...

I-Man said...

Thieves suck, but powerful thieves suck a lot more.

CV said...

combine quad witching & "yentervention" and whadda ya get?

Godzilla vs. Mothra!

karen said...

oh, no! i found another triangle.. look at GLD on a daily.. see that trendline down? see how it hasn't been breached yet?

I-Man said...

Just checked the mail, nice call Bob...

Powerful move there. Take it to the limit.

The line its trying to retest looks a lot like the 1x1 angle off the recent low.

The breaking of that angle signifies the end of an uptrend, the retest of the angle, the nail in the coffin.

Thats why he called it the "Death Line."

I-Man said...

Have no fear everyone, the US Government is on top of things...

See? They're banning menthols.

That should turn it all around.

Seriously...

I-Man said...

And screw "yentervention"... the yen is a buy. Plain and simple.

Bring on the intervention, I kinda miss buying dips.

Jennifer said...

They are talking about the Super Moon on CNBC....its gone mainstream.

Anonymous said...

cv--

re: "...I hardly get any satisfaction in paper prices.."

no kidding..

LSS: I was buying these things up to U$D ~40

http://www.24carat.co.uk/frame.php?url=panama20balboasilvercoins.html

We were using them as 'Nickels' (=U$D50)

now, that they're trading N. of U$D 100..

noone is 'happy' about it, rather, it's just, another, reminder that the FRN is FOS(at best)--Truly, a 'Paperback'..

but, this: "...I'm not worried that it's $2.39 right now..."--Technically, is wrong/shouldn't be..

the $2.39 is your ~Opportunity Cost of 'eating those Ribs' ...

AAIP

CV said...

They're banning menthols

As long as they don't ban MENTOS...

Otherwise - What would I do on the weekends??

http://www.youtube.com/watch?v=hKoB0MHVBvM

CV said...

@AAIP (10:23)

All I know is that I try to make it point to use the EXTRA SPECIAL PREMIUM barbecue sauce on the $1.99 rack...

I feel I "owe" it to them (for treating me so well at the point of purchase)... :-)

Jennifer said...

my kids love to explode Mentos in Diet Coke...I recommend this in the summer so you can hose off all the little scientists before they come back in the house as that stuff sprays FAR.

Anonymous said...

cv--

in that case, it's All Good~! :)

ibid.

karen said...

ewj is only up 1 pt from the 52 wk low..

Jennifer said...

Karen -- then there's still time to btd :-)

karen said...

Oh, Jennifer, so true! thnks for reminding me.. was just looking at AMD chart..

today has me beyond confused with copper down.. and why isn't gld taking out 139??

crude doesn't know up from down..

Anonymous said...

215.00 NFLX110319C00215000 0.14 1.46 0.12 0.14 2,875 5,516
220.00 NFLX110319C00220000 0.01 0.36 0.02 0.05 1,030 6,332
http://finance.yahoo.com/q/op?s=NFLX

'Synthetic' 217.5Oc now under U$D 0.15..

Rule #1(in Options): ABS Always Be Selling.

AAIP

karen said...

IWM making a new hod..

Anonymous said...

ok, I'm out..too Nice a day, Today, to be inside..

as well, there's other 'hair to cut'..

I'll try to catch up later~

AAIP

karen said...

DougKass Douglas Kass
i am shorting some of the banks, after the fed's dividend pronouncement - could mark top of sector's strong move since midday yesterday $$

Andy T said...

yeesh. nice bounce back ripper.

I think a lot of technical damage was done. 1300 will present some psychological resistance. There are little "gaps" all over the place on the move down. The first would take you to 1293.

The move up has been strong enough that it probably means we have sideways/higher price action next several days. IOW, if you're a bear, I wouldn't be betting on another new low anytime in the next few days.

Over the next several weeks, the picture does look bearish, though. A temporary top was put in at 1340 and this market will continue to correct (sideways/lower) next several weeks.

LSS: This looks a countertrend bounce in a bearish trend.

Andy T said...

This Sunday is my Wedding Anniversary (14 Years of Bliss!). As I mentioned in the comments earlier this week, I'll be out this weekend in Austin, TX with the family.

Hope everyone has good weekend.

72bat said...

congrats AT!

in this day and age, 14 years is no mean feat.

AmenRa said...

Congrats Andy. Have a great weekend.

karen said...

JJC at LOD.. this is all nuts.. it has been a tell.. along with the financials which aren't exactly soaring on the div news..

CV said...

@Andy

http://www.youtube.com/watch?v=knp9-GY6fHE

karen said...

zerohedge
IBM SUED BY SEC FOR ALLEGED BRIBES OF CHINA, KOREA OFFICIALS Unclear if for bribing too little or too much

I-Man said...

See what happens, Donny?

karen said...

DougKass Douglas Kass
stopped out on bank short rentals! that was quick !!

karen said...

div raises and share buybacks announced..

AmenRa said...

The Fed is twisting the knife that's in the bears back.

Jennifer said...

Breakfast with Dave is becoming a subscription service....darn.

karen said...

i will refer you all to DIA on the 60 min chart over the last ten days. having a hard time getting back above the 50 ema and no volume!

karen said...

spy is even worse..

karen said...

uup just traded to new low on day 21.73.. dollar under 76..

karen said...

uup 21.72

AmenRa said...

No TICKS above 1000 even with all of this bullishness (or is that BSness)

karen said...

uup 21.71

Jennifer said...

AR -- new high on TRIN.

AmenRa said...

Jennifer

TRIN under 0.70 is still bullish to me. I'd prefer it to get to 1.10 or higher to be bearish. Now PC Ratio at 1.011 seems bearish because there is more put buying going on. The USDJPY is barely holding on to 81.00 and is the key today (for me anyway).

Jennifer said...

Agree -- I just meant the trend for the day.

karen said...

ko and spy 60 min charts look alike..

http://www.bloomberg.com/news/2011-03-18/japan-nuclear-crisis-remains-very-grave-as-forecasts-show-shifting-winds.html

karen said...

21.69 on uup

gold-crude-silver oblivious to dollar lows.

karen said...

zerohedge
GOLDMAN SACHS TO REDEEM PREFERRED STOCK ISSUED TO BERKSHIRE

karen said...

http://finance.yahoo.com/tech-ticker/look-out-below-why-skyscrapers-are-classic-bubble-indicators-536048.html

a must watch video!!

karen said...

GS got turned back at 160..

AmenRa said...

I see buying of IG & HY Corps and selling of IG & HY Munis. No one wants to hold city and state debt. Really? ROR

AmenRa said...

USDJPY under 81.00? What happened? Did the CBs run out of magic pixie dust?

karen said...

http://www.bloomberg.com/news/2011-03-18/goldman-sachs-will-buy-back-buffett-s-5-billion-preferred-stake.html

AmenRa said...

http://www.finviz.com/forex.ashx
USDJPY 80.78

G7 intervention half life 17 hours?

CV said...

@Amen (12:41)

The latter...

BTW - peeps... CV is along with MEH today... Putting to "good use" this 70 degree day...

Mark - I hope you're playing golf or doing something fun like that...

CV is clipping up tree branches into kindling & logs from all that came down a month ago in the snowstorms...

PEEPS - TRUST CV ON THIS... THERE IS NO CASE FOR GLOBAL WARMING... I now have verifiable evidence (which I present to you all herewith)...

Every fucking molecule of carbon that was spewed into the atmosphere since the dawn of the industrial age has been "sequestered" by the intricate branch structures of the CHERRY & HONEY LOCUST trees on CV's property...

Every last molecule!.. Right there in tree jail!

I now proudly have the the "Captain Bligh" 24 lash WELTS on my body to prove it (because in pulling them off the pile to cut into smaller pieces, they took the opportunity to whip me into submission)...

So - the ONLY POSSIBLE way the planet ever gets to another ICE AGE (brought about by global warming), will be if & when CV sets a match to this wannabe FUNERAL PYRE...

I suggest you all treat CV with the utmost respect from this day forward...

Your fate & and the fate of this very planet is in CV's plans...

the Bernanks quadrillions?... pffffffft! NOTHING compared to the pyrotechnic display that CV is capable of at this very moment...

Haj help you all! :-)

karen said...

spx now down more than 50% of today's move.

karen said...

http://www.ritholtz.com/blog/2011/03/if-banks-can-resume-dividends-can-the-fed-resume-normalized-rates/

AmenRa said...

karen

As long as there is QE and excess reserves the banks should not be allowed to resume dividends. My $0.236

karen said...

we should all take all our money out of the banks since they don't pay interest..

I-Man said...

depending how much the pendulum was toyed with overnight...

we might end up with a nice sized down move between now and the bell...

I-Man said...

I dont even get Karen to talk to?

Jennifer said...

I trade better when I'm not at home. Pathetic.

ben22 said...

AT,

Happy Anniversary, I agree, maybe a little more chop up here for this wave but it's almost over, we may move sideways a few days more before the next one starts.

It would seem in the overnight someone was gunning for stops being opex and all, and pinned it right, a/d upside has dwindled all day long since the open, because the mission was accomplished about 10 minutes in today.

As I made all those notes the other day about 90% downside days, we've had no breadth indicator that has so far shown that the bearish message of the 90% down day was a fake.

I-Man said...

This market isnt acting like one that wants to trade higher.

The more I hear talk about "next lower high"... The more I expect to see pukeage.

ben22 said...

the bank dividend is hilarious, all these fools and their silly models

I-Man said...

And will the University of TN PLEASE fire Mike Hamilton???

Thanks for totally destroying the psyche of our basketball team the day before our first NCAA tourney game, you asshole.

karen said...

I-Man, i'm just incredulous.. that's all. and still unsure of what is going on..
what were you seeing?

I-Man said...

We broke down from the 1/28 low just now, and its held as resistance since we did so.

YM 11795...

I-Man said...

And all those "hurdles" we've managed to clear technically over the past two nights...

Well, lets just say I dont think the market will leave those stones unturned.

I-Man said...

Thats not to say that I dont think that this range we've been dinking around in for the past couple days isnt important, I think it is very important. Call it 11600 - 11800.

I think we will be back here around the end of the month, and this range will form the "real" lower high... still looking for that around 3/25.

ben22 said...

@AT,

if we are in the ExpandingT

because the C wave was 1.1618 of A, on the high side for this pattern, what would you expect for wave E?

I-Man said...

I think this temporary low here was formed ("forced" maybe) because some big players were about to get hosed on this opex.

Gotta call it like I see it.

These parlor tricks dont form lows... panic selling and shorts covering forms lows.

ben22 said...

anyone mentioned aapl yet today?

I-Man said...

We havent even scratched the surface of panic yet...

Just wait til June.

AmenRa said...

AAPL currently is having a weekly 3LB reversal down (below 336.12) and is below its monthly 3LB mid (332.18).

karen said...

anyone look at CAT today? could that be an abandoned baby in the making?

someone just tweeted how bullish that was..

ben22 said...

lol, I want to short that stock so bad (CAT)

I'll wait till we have confirmation that we are in the big C wave, then it should go back to the 60 range or so.

I-Man said...

If not 52...

I remember that level last summer...

I-Man said...

Alright, I've seen enough garbage for one day.

Between the tape and the Vols, my mood has gone sour.

AmenRa said...

SPX managed to closed the gap from the Wednesday open but left the gaps from the Monday & Tuesday opens. Also a failure for the US markets to close higher after all fo the intervention is extremely bearish. Just sayin'

karen said...

looks like we'll close back under 5 ema across the board.

karen said...

oh, this will frighten everyone.. Mr Top Step
chatter = MOC buy 580mm

Jennifer said...

Karen -- what does that mean? (always up for a good fright!)

AmenRa said...

karen

Hopefully it's buy puts ;-)

karen said...

Market On Close orders..

Jennifer said...

I googled it...so far so good :-)

karen said...

okay.. leaving.. wasn't the best day.. look at CAT... loves the dollar lows.

Jennifer said...

have a great weekend everyone!

Happy anniversary AT!

karen said...

MCD did not share in CAT's move.. that's for sure..

karen said...

yes, happy anniversary and have fun in Austin.. : )

AmenRa said...

karen

TICKS didn't go crazy at the close so maybe the MOCs were cancelled?

AmenRa said...

new thread

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