AmenRa's Corner

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



Creditcane™: Nothing like a morning workout to get the juices flowing.



SPX
Bearish long day (failed to confirm hammer). Midpoint above EMA(10). Still above all SMA's. No test of 0.0% retrace (1370.58). Tested and failed 14.6% retrace. No daily 3LB changes (reversal is 1347.24). QE2infinity. "JBTFD. Don't question it. Just do it. Trust me."



DXY
Doji day. Midpoint below EMA(10). Made a new 0.0% retrace (72.70). Below all SMA's. No daily 3LB changes (reversal is 73.84).




VIX
Bullish short day (possible shooting star). Midpoint above EMA(10). Still above SMA(21). Now above its 14.6% retrace (16.75). New high on daily 3LB (reversal is 14.69). Still deep in the "no fear" zone.



GOLD
Bearish long day. Midpoint above EMA(10). No test of 0.0% retrace (1577.40). Still above all SMA's. Tested and held its 23.6% retrace (1514.39). No daily 3LB changes (reversal is 1557.10). Holding above upper trend line. Must have the precious.



EURUSD
Doji day again. Midpoint above EMA(10). Still holding above the 85.4% retrace (1.4640). Still above all SMA's. No daily 3LB changes (reversal is 1.4721). Decision has to be made sometime fellas.



JNK
Hammer day (failed to confirm bullish harami). Midpoint below EMA(10). Still above all SMA's. No test of 0.0% retrace (40.93). Tested and held its 23.6% retrace (40.61). New low on daily 3LB (reversal is 40.90).



10YR YIELD
Bearish long day. No test of 0.0% retrace (37.44). Still below all SMA's. Midpoint below EMA(10). Tested and failed the 14.6% retrace (32.29). Now failing the upper trend line. New low on daily 3LB (reversal is 32.96).



WTI
Bearish long day. Now below SMA(21). Midpoint below EMA(10). No test of 0.0% retrace (114.83). Tested and held its 23.6% retrace (108.56). No dally 3LB changes (reversal is 106.84).



SILVER
Bearish long day. Still below SMA(21). Midpoint below EMA(10). Holding upper trend line. Tested and failed its 38.2% retrace (40.82). New low on daily 3LB (reversal is 48.60). Also now below its weekly 3LB reversal price. ""You want the delivery! You can't handle the delivery!"



CRB
Bearish long day. Midpoint below EMA(10). Back below SMA(21). Tested and failed its 23.6% retrace (362.87). Daily 3LB reversal down (reversal is 370.56).



DJ TRANS AVG
Bearish long day. Still above all SMA's. Midpoint above EMA(10). Holding above the lower trend line (for now). Daily 3LB reversal down (reversal is 5514.87).




WORLD WIDE PREMIERE JULY 1, 2011

9 comments:

Anonymous said...

Re: $TNX - The monthly candles on a ten year history of this are worth a look. I'd say yields are headed lower based on the technical pattern.

Andy T said...

I'm long overdue for visit to the 10 year note charts....

cv said...

Perfect...

I got a house to sell...

Anonymous said...

File this one under "other super important" things...

Man Shaves Beard After 10 years:

http://www.komonews.com/news/local/121107609.html

Andy T said...

Heard a stat today that the 3 out of 5 Men are now sporting facial hair. It's the highest number in decades....since the 70's....

Talk about your cyclical trends.

Note: I've had a beard 61.8% of my adult (post-21 years old) life.

AmenRa said...

Andy T

I was just looking at the 30yr Bond. Somebody is buying as it had a weekly 3LB reversal up last week.

Matthew said...

The long bond might be a crowded trade. I'll take a look at it tomorrow if I find some time away from the trails.

Matthew said...

Also, I noticed that the Aaa Baa corporate spread has pretty well collapsed. It looks about average on a 10-year chart (if you strip out the late 2008 spike); however, in this new age of monetary insanity, the thin spread indicates a certain temerity in the fixed income markets.

I don't think that any of the high yield or lower investment grade spreads adequately compensate for the risk in these securities.

In the equity world, it seems to me like a lot of big guns are pulling the trigger on consumer non-cyclicals. These names are probably getting the rotation out of emerging markets.

My cash position is irritatingly large; not for fear of volatility, but for lack of securities that offer a risk premium that reflects economic prospects.

Commodities are a bit too... effervescent for my taste. It looks like selling my silver on Friday was a lucky local top pick (we'll see soon enough). I'd like to see a nice healthy pullback in precious metals and then add to my platinum position.

ben22 said...

AT,

that's really interesting on the beard, I'd like to say Im running with the herd as I've been keeping a beard way more often than not lately, but I think deep down I just admire the Wizard so much that I don't shave.

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