Morning Corner 3.23.11

CSCO (weekly info)
new low 17.12
trend=down
low= 17.12
rev= 18.64; mid= 17.88



Doesn't look like Cisco has fixed whatever problems they are having. It's back below the 23.6% retrace of GFC. Also is making a new monthly low. The weekly 3LB range is small so the chances of a reversal increases. Plus the weekly chart is forming a bullish harami. The monthly seems to be saying it's too early for a reversal.



3 month vs Overnight Libor

Update: Spread continues to increase. Everyone knows the overnight rate should be rising. The 3 month should be rising along with it. Spread was 0.051 on 1/3/11 and is now 0.107 on 3/22/11. That's not good.



PSI (weekly info)
-no change (above mid)
trend=up
high= 7765.00
rev= 6727.00; mid= 7246.00



Portugal seems to be holding up. That may change after the austerity vote.



You'll probably be hearing this playing at the ECB after Portugals austerity vote...

153 comments:

Bruce in Tennessee said...

Eurozone bonds face boycott by investors

FT 03/23/2011 05:01 AM

http://prudentbear.com/index.php?Itemid=57&option=com_content&view=frontpage

Bruce in Tennessee said...

http://www.reuters.com/article/2011/03/23/us-delta-idUSTRE72L3HG20110323?feedType=RSS&feedName=businessNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FbusinessNews+%28News+%2F+US+%2F+Business+News%29

U.S. airlines cut capacity to battle fuel costs


...Well, I suppose not being able to get a last-minute flight was never that important...

Bruce in Tennessee said...

http://www.bloomberg.com/news/2011-03-22/allies-prepare-to-attack-qaddafi-s-ground-forces-debate-command-structure.html

Allies Target Qaddafi Ground Forces, Debate Command Structure

...I see your No Fly Zone, and raise you. Silly rabbit, you knew where this was going...

Bruce in Tennessee said...

http://www.bloomberg.com/news/2011-03-23/banks-bring-jobs-back-to-london-as-finance-pays-most-tax-in-u-k-s-economy.html

Banks Bring Jobs to London as Finance Pays Most Tax in U.K.

..Big Hat AND Cattle...

karen said...

good morning, been waiting for you.. if the $compq goes up, i imagine CSCO will to.. THE ONE TRADE.

QCOM, JJC, XLF trade as one, also.. try an overlay chart of that.

Bruce in Tennessee said...

Morning Karen,

Today is OR day so I will miss the opening. I will have to tell you guys later what my brother fell into...

Bruce in Tennessee said...

New home sales...predicted is 290k...I'll check it later.

..out of here..

karen said...

Nicola
$CSCO http://chart.ly/px5hw9n Bullish gartley 78.6fib at 16.63, 2005 low 16.83, AB=CD 16.68, I am getting ready to buy

karen said...

Fed tells Bank of America to rein in dividend plan
http://www.reuters.com/article/2011/03/23/us-bankofamerica-idUSTRE72M2S520110323

karen said...

$copper pulling a fast one.. chart didn't look bullish to me..

Anonymous said...

k-

is it early, enough, for you, out there?

still -3, yes?

btw, have you been keeping up on your "Mission Critical Communications"?

AAIP

karen said...

Mark.. it is nearly 5 AM now.. but I have been up since before 4.. i is pitch black and cold but i just had my first sip of coffee : )

Anonymous said...

Via: New York Times:

If anyone wonders whether the Chinese government has tightened its grip on electronic communications since protests began engulfing the Arab world, Shakespeare may prove instructive.

A Beijing entrepreneur, discussing restaurant choices with his fiancĂ©e over their cellphones last week, quoted Queen Gertrude’s response to Hamlet: “The lady doth protest too much, methinks.” The second time he said the word “protest,” her phone cut off.

He spoke English, but another caller, repeating the same phrase on Monday in Chinese over a different phone, was also cut off in midsentence.

A host of evidence over the past several weeks shows that Chinese authorities are more determined than ever to police cellphone calls, electronic messages, e-mail and access to the Internet in order to smother any hint of antigovernment sentiment. In the cat-and-mouse game that characterizes electronic communications here, analysts suggest that the cat is getting bigger, especially since revolts began to ricochet through the Middle East and North Africa, and homegrown efforts to organize protests in China began to circulate on the Internet about a month ago.

“The hard-liners have won the field, and now we are seeing exactly how they want to run the place,” said Russell Leigh Moses, a Beijing analyst of China’s leadership. “I think the gloves are coming off.”
http://cryptogon.com/?p=21393

k-

-3, 3 hours behind..

Anonymous said...

http://redactednews.blogspot.com/2011/03/bravo-angela-germany-pulls-out-of-nato.html

karen said...

hearing BAC down 2%.. that will probably mean a break of the triangle finally..

Anonymous said...

http://ftalphaville.ft.com/blog/2011/03/23/524516/etfs-are-proving-not-so-tradeable-during-crises/

karen said...

http://finance.fortune.cnn.com/2011/03/23/how-the-feds-dividend-daze-could-backfire/

"You might also raise an eyebrow at the No. 2 FDIC borrower, General Electric (GE). It wasn't included in the latest Fed stress test but has raised its dividend 40% over the past year and now pays out $6 billion annually."

karen said...

Nicola
$BAC http://chart.ly/s7vxmrp Break out to the upside targets 18 (weekly pivot price Dec08) Double-bagger stock

karen said...

NEW YORK (Dow Jones)--Caterpillar Financial, the financing arm of Caterpillar Inc. (CAT), is preparing to sell $1 billion of three- and five-year bonds Wednesday, according to a person familiar with the sale.

bob said...

http://ftalphaville.ft.com/blog/2011/03/18/519736/yen-volatility-is-too-much-for-one-bank/

Remember the JPY dive? Barcap.

karen said...

Federal regulators are blaming Wall Street's biggest firms for the collapse of five institutions at the heart of the nation's credit-union industry and are seeking to recoup tens of billions of dollars in losses on securities that doomed the five.

http://online.wsj.com/article/SB10001424052748703410604576217023625225138.html

AmenRa said...

http://ftalphaville.ft.com/blog/2011/03/23/524081/egypt-reopens-for-business/

Egypt Reopens For Business

The Egyptian stock exchange has reopened for business on Wednesday morning but not without a hiccup or two.

Seconds after trading commenced the circuit breakers kicked in and the exchange was forced to suspend business.

AmenRa said...

I see the USDJPY got down to 80.67 in the after hours. It's back up to 80.95 now. BoJ is not too pleased.

karen said...

http://247wallst.com/2011/03/21/shipping-companies-and-the-japan-effect-drys-dsx-gnk-amkbf-dac-ssw-fro-nat-tk-tgp-glng-sea/

As Japan recovers from the devastating earthquake and its aftermath, the country will depend heavily on importing raw materials into the country and exporting finished goods. There are a number of publicly traded shipping companies that could see a bump in revenues as transport to and from Japan picks up.

AmenRa said...

EGPT also down 5.71%. Guess all of the money flowing into the ETF was for naught.

Jennifer said...

Radio saying that parents in Tokyo are advised not to give infants tap water -- twice the recommended amt of radioactive iodine.

karen said...

Irish 10 Year Bonds Take Out Stops, Yield Surges Past 10% For First Time In History http://bit.ly/ia0wdL

Anonymous said...

J-

http://cryptogon.com/?p=21396

TOKYO TAP WATER TESTS 2.5 TIMES ABOVE RADIOACTIVE LIMITS FOR INFANTS
March 23rd, 2011

Via: Globe and Mail:

Tap water in Tokyo tested two times above the limits for radioactive iodine considered safe for infants, officials said Wednesday amid burgeoning concerns about food safety in the wake of an earthquake and tsunami that crippled a nuclear power plant.

Levels of radioactive iodine in tap water at a water treatment centre in downtown Tokyo that supplies much of the city’s tap water contained 210 becquerels per litre of iodine-131, officials from the Tokyo Water Bureau said at a news conference.

That amount is more than twice the recommended limit of 100 becquerels per litre for infants, the most vulnerable segment of the population. Babies in Tokyo should not be fed tap water although the level is not an immediate health risk for adults, officials said...

AAIP

AmenRa said...

karen

Ireland should have chosen to follow Iceland...

AmenRa said...

http://tinyurl.com/6z8cwc4
Fed’s Fisher Sees ‘Extraordinary Speculative Activity’ in U.S.

Federal Reserve Bank of Dallas President Richard W. Fisher said he sees “extraordinary speculative activity” in the U.S. after the central bank pumped record amounts of stimulus into the economy.

“There is an enormous amount of liquidity sloshing around,” the regional bank chief, who votes on monetary policy this year, said in a speech today in Berlin. “There is abundant liquidity in the machine we know as the United States economy.”

Fisher reiterated his view that no further monetary stimulus will be needed after the Fed finishes its planned $600 billion of Treasury purchases through June. The 62-year-old bank president has criticized the plan, which policy makers voted to keep in place after their March 15 meeting in Washington.

Yada yada yada. Prove it Fisher. There are still no dissenting votes at the FOMC meetings.

AmenRa said...

New home sales dive 16.9%. Came in at 250k vs exp 290k.

Bruce in Tennessee said...

New home sales are...remember this term?

Cliff diving...

ben22 said...

there were more data showing insties in distribution again yesterday, it was a perfect execution again, two straight days of large gaps up within the first 30 minutes of cash trading and then a drift down the entire trading day

sorry, breakaway gaps don't do that....the break....away.


wave e is on deck....

and that triangle on BAC is under serious pressure now....

karen said...

gold just popped..

ben22 said...

Karen,

You should ride the silver train

lol.

AmenRa said...

Even if there is a decent correction I don't think those chose to take delivery on silver are going to budge. Silver expiration is Monday. Sorry Blythe.

AmenRa said...

This week IS the apex on my BAC chart. We are seeing which side is dominant right now.

AmenRa said...

If all of a sudden the bottom falls out from under the EURUSD you'll know Portugals vote decision.

Jennifer said...

http://www.stocktiming.com/Wednesday-DailyMarketUpdate.htm

9 new lows yesterday -- making the case that this is not bearish

Anonymous said...

Crude Oil 105.63 +0.66 +0.63
Natural Gas 4.355 +0.024 +0.55
Corn 686.75 +0.25 +0.04
Soybeans 1365.5 +2.5 +0.18
30yr Bond 122.12500 +0.65625 +0.54
10yr Note 120.046875 -0.156250 -0.13
NY Gold 1436.0 +8.4 +0.59
NY Silver 36.585 +0.316 +0.87
http://www.ino.com/

Extreme Futures
Symbol Last Change %
COPPER (E-MIN 4.472 +0.150 +3.47
COPPER Jul 4.4350 +0.1055 +2.44
E-MICRO S&P 5517.5 +122.0 +2.25
DOMESTIC HOT- 750 -20 -2.60
NIKKEI 225 9320 -225 -2.36
NIKKEI 225 9350 -220 -2.35

ben22 said...

I wish Nic was here so I could discuss that BAC chart with her, I'd bring up the following

the bottom line is not horizontal and so you could argue a symmetrical triangle, really though it leans more toward a descending (see bearish continuation) triangle due to the slope of the top line and where the pattern falls in the larger pattern since last spring. Descending triangles can break up, but more often than not they are continuation patterns.

with today's drop someone could now argue that it's a bull flag I suppose.... after the W bottom, however, often when flags show up somewhere like there after the big down draft from $18 its a fake out, it ran into the resistance created by that intial move down from $18's as well and so you have to wonder how much supply keeps coming to the market because it appears many people bought BAC at it's lows last summer,

there are some bullish aspects of the chart though I'm not sure they outweigh the bearish especially given general market conditions, I wouldn't trade the triangle until it broke out, it'd be a higher probability trade then with plenty of upside.

also considering a trading strategy there, throwbacks:

if it's a descending that breaks up Volume does not need to rise in the breakout however descending triangles that break up should show rising volume during the formation of the triangle and that's not really showing up, if it plays out anyway, there is a throwback to go long 29% of the time when descendings break up.

if it's a symmetrical that breaks up then increasing volume is desirable on the breakout and it will throwback 51% of the time

I think those are decent reasons to wait for the breakout to give yourself a better chance at


WINNING.....duh!

karen said...

BAC broke the Jan low.. not sure how that can be interpreted as bullish..

ben22 said...

it adds evidence Karen that it is a continuation triangle, not a reversal

Jennifer said...

Having troublem making a lower low on SPY here.

Nic said...

Hello boys and girls. Sorry I havent been around much. I really havent had the energy to do everything I used to do and Im moving back to UK this weekend.
Ben I agree 100% about BAC and I would not touch it unless it broke out ... I do think that if you compare the 6 week rally off the December lows to the recent price action then you have to lean to more upside.
Either way BAC is a horror
I did miss you all :)

karen said...

ben.. sent you a hasty bac chart..

ben22 said...

Nic!

woo hoo!

how are you?

thanks for your thoughts, Karen is doing a good job keeping us up to date on many of your charts, always appreciate your perspective.

that's a good point on the move in December up...at first glance it appears larger and faster than any move in the wave that preceded it, but I haven't looked at all the prices that closely, just at first glance it appears that way. it's worth keeping an eye on, if we break up out of that triangle it's got a lot of upside.

hope you are good.

AmenRa said...

Nic

Hola Nic. Hope you're feeling better.

karen said...

i know what is clouding my objectivity on BAC -- fundamentals! shame on me! i need to focus on TA (Tepper Analysis) only.

look at FAZ on a 30 min 5 day.. a potential rev h&s setting up there.

I-Man said...

Viva Nicola!

Nic said...

Hello
Not better yet, looking forward to going home. Thanks for the welcome

Jennifer said...

Ben -- you pointed out CRZO the other day...the bottom fell out in the last 10 min.

bob said...

Didn't someone point out NOG here?

http://brontecapital.blogspot.com/

Two posts, both with links to street sweeper.

karen said...

Nic.. I hope you will see better days ahead! and certainly your mother must be thrilled.. no more moose!

bob said...

Just looked at the chart, should have shorted yesterday...

ben22 said...

Jennifer,
re: CRZO
Yeah, I've had it on my screen ever since....that chart is pretty wild isn't it?

Nic,

all the best to you, I hope this is the year your health gets back to normal.

karen said...

look at crzo on a 30 min 5 day chart.. what a head!

Anonymous said...

That is some good head.

karen said...

BBC Global News
Gaddafi's air force 'is defeated' http://bbc.in/hy69hc

72bat said...

nic -
you have been missed. sorry you have not gotten the upper hand on it yet. rooting for you

AmenRa said...

http://online.wsj.com/article/SB10001424052748704050204576218270988958288.html?ru=MKTW&mod=MKTW

Fed rejects BoA plan to raise dividend.

ben22 said...

you have to wonder how bad things really are at BAC right?

After all, the Fed has behind the ball on pretty much every single issue since this all started, all the silly stress tests, etc. telling us banks were ok and well capitalized.

what could possibly be going on at BAC that causes the Fed to deny them now....??

karen said...

Bespoke
New home sales even worse than they look. http://bit.ly/e2YA8V

bob said...

http://economico.sapo.pt/noticias/acompanhe-aqui-em-directo-o-debate-no-parlamento_114126.html

Anyone speak Portuguese?

AmenRa said...

The Fed knows where the bones are buried (it helped bury them). Maybe the Fed is using mark-to-market to value BAC assets and is calling BS on them for trying to pay dividends.

AmenRa said...

bob

Try this: translate.google.com "economico.sapo.pt">

Anonymous said...

Video - March 15, 2011

Charlotte real estate agent Leigh Brown explains that after purchasing a BofA short sale, a North Carolina family was forced to hire private security guards to protect the home from Bank Of America.

Brian Moynihan wouldn't want it any other way.

http://dailybail.com/home/if-youre-buying-a-bank-of-america-short-sale-hire-security-g.html

bob said...

I just wanted to hear the trash talking, live.

AmenRa said...

bob

This isn't sounding good for Portugal: Socrates Leaves Parliament

Anonymous said...

http://www.zerohedge.com/article/japan-nuclear-agency-radiation-level-fukushima-reactor-no-2-its-highest-level-recorded-so-fa

that situation in Japan is seriously pooched..

bob said...

Guessing on this, not betting...

Eur up after vote, seems heavily short.

karen said...

HONOLULU (Reuters) – A wildfire touched off by the eruption of the Kilauea volcano on Hawaii’s Big Island has spread and burned some 2,000 acres of national park land, threatening a fragile, protected rain forest, authorities said on Wednesday.

http://stockmarketnews.resumit.com/united-states-stockmarket-news/hawaii-wildfire-spreads-nears-protected-rainforest/

karen said...

my faz 30 min rev h&s is still in play.. : )

bob said...

Can't a case be made that no dividend for BAC is good for the equity? More RE.

This is the same firm that as the boat was sinking in 2008 announced a div above its eps.

Jennifer said...

Ouch...that hurt. And, on that note, I'm out for the day. Good luck!

AmenRa said...

bob

Here you go: http://www.zerohedge.com/article/watch-portuguese-parliamentry-session-live

ben22 said...

now that looks like a short term bull flag

zing!

AmenRa said...

Jennifer

WWWTTTTFFFF just happened?

karen said...

that was insanity..

karen said...

i don't know but at least one person used it to go short: Douglas Kass
back shorting iwm at 80.85 spy at 129.20 and qqq at 55.50 $$
2 minutes ago

Anonymous said...

BAC where we started
Here we go 'round again
Day after day, I get up and I say
Give me a dividend again.

AmenRa said...

BAC being treated like a horse who has outlived its usefulness.

AmenRa said...

Is that a double top I see on the 5 min SPX chart? Two separate shooting stars formed as it tested the opening gap down.

ben22 said...

Well, since we live on animal Farm, I suppose BAC is Boxer then

I will lie harder.....

Anonymous said...

Elizabeth Taylor died...

AmenRa said...

Whoa! Silver shooting up. Almost getting out of control.

Mel said...

@Ben

Did you just frost a metaphor with double entendre sprinkles?

Anonymous said...

http://www.bloomberg.com/news/2011-03-23/banks-bring-jobs-back-to-london-as-finance-pays-most-tax-in-u-k-s-economy.html

It's not a "tax". It's a franchise fee from the fiat dealer back to the fiat manufacturer.

...from "money birth" to "money heaven".

AmenRa said...

ben

BAC's general response to all problems.

AmenRa said...

Hmmm interesting. The quarter hour squeeze is an hour early.

karen said...

Louise Yamada: S&P 500 Groping for Support, New Leaders Emerging http://yhoo.it/dJceEE

bob said...

AR

Thanks for the link. I've been popping in every once in while, doesn't look like voting, some things are international.

One plus for the US- Better looking background, generally.

AmenRa said...

Shit. This is the first time in a few weeks that they've closed an opening gap down on the same day.

I-Man said...

The tide is on the long side today...

Anonymous said...

~1290 on the S&P

looks a ~50% re-trace of the decline from ~1330 to ~1250..
http://finviz.com/futures_charts.ashx?t=ES

?

AAIP

Anonymous said...

re: S&P

are we getting over ~1300?

ibid.

Andy T said...

Silver bitchez.

Love it.

Busting out...will be selling a little more into this rush.

ben22 said...

@Mel,

I might have done just that.....

I-Man said...

Dunno the ES, but for the YM, I'm seeing 12045... and that doesnt change anything regarding the downtrend.

ben22 said...

I'm out of the silver calls as of about 35 minutes ago as well as the small put hedge against it, worked out ok.

might re-explore in the not too distant future

Anonymous said...

AT,

you should sell it to cv--..

AAIP

I-Man said...

Tried shorting once earlier, but after that nice 49 point ramp job, flipped my switch.

Had to question why it was so hard for me to make money past few days.

It shouldnt be.

ben22 said...

Liz Taylor back in the day

she was hot stuff....

Anonymous said...

http://finviz.com/futures_charts.ashx?t=ES&p=h1

this Chart, an 'hourly, on the ES, looks wack..
~~

E. Taylor was, definitely, good looking..

if only E. Warren was as such, someone might, actually, pay attention to her..

ibid.

Anonymous said...

need to bail, y'all be good, if not better~

I'll try to catch up later..

AAIP

ben22 said...

I'll put myself out there and say we won't close above 1,300 this week

perhaps I'll be proven wrong before 4!

ben22 said...

Karen,

thanks for all the LY videos, I have a different near term view than her but have a great deal of respect for her calls. She's a true tech.

Love how crazy Mr. Clean intro'd that video:

"stock charts are the dirty pictures of wall street, some traders admit to using them, other traders are lying about not using them"

Nod if you can understand me......classic.

I-Man said...

But whatever price happens to line up with Friday morning is going to be the one to sell...

Friday, 3/25 should be a high, if 2/18 was a top.

I believe it was... the tape will decide.

ben22 said...

btw, the July calls on NLY that we were talking about a week or so ago at $18 have now more than doubled to .27, believe they were at .11 when we brought them up....$18 is a hard range for this stock and it doesn't reveal in the charts that it's right now breaking out of the year long sideways consolidation....getting closer to me selling those calls iow....

karen said...

I liked this LY video interview better.. Maria B ruins everything for me..

Anonymous said...

wow, ~3 inches of Snow, dude calls to Cancel appointment, blames it 'on the Snow' ..

what an Idiot, should have made up a better Story ..

too bad, for him, there are plenty of other Suppliers..

ibid.

I-Man said...

@ AAIP

C'mon Mon...

Anonymous said...

McB,

re:
http://finance.yahoo.com/q/op?s=NLY&k=18.00

why do you like the Jul18 to Fade? why not Fade the 'Front Months'?

as one can see, the Apr + May > July, and that leaves out June..

AAIP

ben22 said...

I've had people cancel meetings because it *might rain

for someone that grew up outside of Erie Pa, that always cracks me up....

karen said...

Bespoke
Checking up on Bill Miller vs S&P 500. $LMVTX http://bit.ly/i4CLlP

Anonymous said...

I-Bro,

nice Lion~

yes, true Story, hard to imagine..

Gout/ 'Crabs'/ even 'priapism', would have 'made more Sense'/given the dude some ~leeway..

ibid.

ben22 said...

AAIP,

was just pointing out those because I'm thought those were the one's we were talking about before,....that particular month

I think all the 18's can be sold at the right time as long as that chart continues to look as it does.

karen said...

oops.. meant to include this tweet as well: LeggMason's Bill Miller tells #CNBC U.S. equities are 20% undervalued. He is on #StreetSigns live until 3pm ET.

Anonymous said...

McB,

what was worse, is that the dude, even, called Late..

truly FUBAR..

AAIP

what is it that people don't get about "sometimes, 25c can be worth a million dollars" ?

Anonymous said...

CrackieMac,

we were squawking the 'July' NLY calls, before..

ibid.

ben22 said...

I think that Bill Miller S&P comparison blows

for starters, it doesn't appear at quick glance that any of those charts account for the change in NAV of the fund due to dividends or cap gains that have been paid out....among other things

love those top holdings though....guess financials and .....financials are on the menu

yield curve!

ben22 said...

"what is it that people don't get about "sometimes, 25c can be worth a million dollars"

oh...I think people, some people anyway, might get that, it's just that......most then wonder

but what if there was 25c that could be worth

a trillion......

ben22 said...

well,.....1300 approacheth again.

karen said...

even tho i know copper ran up to day because it could.. i want a reason, laughing.. and i did not think the chart looked bullish yesterday..

karen said...

euro winding down again.. dollar seems to be getting a bit of the benefit. uup at 21.76 now..

karen said...

copper.. maybe more institutions needed to exit FCX...

but these people think the "Japan Recovery" is the catalyst.. SlipkaTrading
US$ up as metals surge on future Japanese recovery efforts. Stocks off lows to trade green. Grains & most softs down. Oil near $105.76

Headling is almost as goofy as something from Marketwatch.

karen said...

somehow this will help BAC earnings under FASB..

Diana Olick
Bank of America will identify&demolish 100 low-value, abandoned/vacant properties in Detroit. BofA incurs costs&donates props back to city

I-Man said...

Yeah... you dont wanna be on the wrong side of these moves today...

Just ride em.

I-Man said...

That one just took the I to the finish line... its a sunny day, and I gots salmon to catch.

Later Traders

karen said...

it is not even the last hour yet..

ben22 said...

series of flags today,that's three

suppose we should go up and close the 1304 gap?

I-Man said...

Watch YM turn at 12045 on a dime...

karen said...

this market is whack! LOL

Anonymous said...

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

looks like it did..

Happy Hooking, I-Bro~

Anonymous said...

http://quotes.ino.com/chart/?s=CME_PB.Q11

that looks like 'Japan effect'..

ibid.

ben22 said...

another one???

Whitney H said...

Crack is Whack

AmenRa said...

1304.12-1301.19 last gap to be closed. Will it happen?

AmenRa said...

Blythe has 2 days to get silver under control. Or it's a meeting with Jamie in the JPM dungeon.

Jennifer said...

Arrrgh....what happened? geez, I go away for 3 hours and the world turns upside down?

ben22 said...

that certainly won't be the only attempt to break 1304....seems like the bulls have enough juice

internals are pretty crappy though

karen said...

JJC up even more than slv today..

I'm going to lose wi-fi for the close.. SDG&E putting in new smart meter system.

Jennifer said...

All was not lost...got home in time to short right at 1300 -- scared to hold overnight though.

Jennifer said...

Interesting...pushed back down beneath that trendline on the daily for the close.

karen said...

okay.. i'm back.. quick installation! wow.

New blog post: Portugal Parliament rejects austerity plan http://www.forexlive.com/175366/all/portugal-parliament-rejects-austerity-plan

karen said...

gld had discounted the euro drop?

AmenRa said...

Jennifer

Don't be scurrreedd! With Portugal failing to vote in austerity the government will be dissolved and a new one elected. That will put additional pressure on Spain to accept a bailout. Everything continues to accelerate into nothingness.

Jennifer said...

AR -- dude, that's all priced in. Sky's the limit.

karen said...

euro stabilized.. nevermind.. DGDF

karen said...

yard work calls.. back tonight, thanks all.

AmenRa said...

Funny how Portugal made their announcement one minute after market close. Can't have a massive sell off with two minutes left until the close.
ROR

Anonymous said...

http://www.amazon.com/Death-Supermarket-Fattening-Dumbing-Poisoning/dp/1608321150/ref=ntt_at_ep_dpt_4

AmenRa said...

new thread

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