A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection.
Creditcane™: I'm BAAACCCKKK!!!!!
SPXBearish long day. Midpoint below EMA(10). Still above all SMA's (barely). No test of 0.0% retrace (1370.58). Tested and failed 23.6% retrace (1341.90). Daily 3LB reversal down (reversal is 1363.61). QE2infinity. "JBTFD. Don't question it. Just do it. Trust me. Mark."
DXYBullish long day. Midpoint above EMA(10). No test of 0.0% retrace (72.70). Still below all SMA's. Daily 3LB reversal up (reversal is 72.93).
VIXBullish short day. Midpoint above EMA(10). Now above SMA(144). Now above its 23.6% retrace (18.28). New high on daily 3LB (reversal is 15.99). Still in the "no fear" zone.
GOLDBearish LONG day. Midpoint below EMA(10). No test of 0.0% retrace (1577.40). Now below SMA(21). Tested and failed its 23.6% retrace (1514.39) and its 38.2% retrace (1475.41). New low on daily 3LB (reversal is 1557.10). Holding above upper trend line. Must have the precious.
EURUSDBearish long day. Midpoint below EMA(10). Tested and failed its 85.4% retrace (1.4640). Now below SMA(21). Daily 3LB reversal down (reversal is 1.4830). The decision has been made.
JNKBearish long day (failed to confirm hammer). Midpoint below EMA(10). Now below SMA(21). No test of 0.0% retrace (40.93). Tested and failed its 23.6% retrace (40.61). New low on daily 3LB (reversal is 40.81).
10YR YIELDBearish short day. No test of 0.0% retrace (37.44). Still below all SMA's. Midpoint below EMA(10). Still failing the 14.6% retrace (32.29). Still failing the upper trend line. New low on daily 3LB (reversal is 32.86).
WTIBearish LOONNGG day. Now below SMA(89). Didn't even stop to look at SMA(55). Midpoint below EMA(10). No test of 0.0% retrace (114.83). Tested and failed its 50.0% retrace (101.54). Dally 3LB reversal down (reversal is 113.93).
SILVERBearish LONG day. Now below SMA(89). Drove right past SMA(55) also. Midpoint below EMA(10). Failed the upper trend line. Tested and failed its 61.8% retrace (35.28). New low on daily 3LB (reversal is 47.54). Also now below its weekly 3LB reversal price. ""You want delivery! You can't handle the delivery!"
BKXBearish long day. Midpoint below EMA(10). Tested and failed SMA(144). Still failing its 38.2% retrace (51.48). No daily 3LB changes (reversal is 50.26).
EEMSpinning top day. Midpoint below EMA(10). Still below SMA(21). Barely held SMA(55). Daily 3LB reversal down (reversal is 50.20).
HYG/LQDBearish long day. Tested and failed the 38.2% retrace (0.834). Tested and failed SMA(144). Midpoint below EMA(10). New low on daily 3LB (reversal is 0.837).
WORLD WIDE PREMIERE JULY 1, 2011
28 comments:
WORLD WIDE PREMIERE JULY 1, 2011
ror!
It's sure to be... wait for it... wait for it...
"The MOST IMPORTANT QE of ALL TIME"
(nudging out tomorrow's NFP number by a nose at the wire)
New phrase "Sell in May and...too late n/m".
"You want delivery! You can't handle the delivery!"
From what I hear... AMPEX will still TAKE DELIVERY at $45 ($9 over spot) of Eagles...
Guess they 'feel the need' to stock up for some (post July 1) time in the future...
I guess granny and her tea set hasn't gotten the memo this week because "THE VOICE" is all the rage over "AMERICAN IDOL"...
That sound you hear in the background is Mortimer Duke screaming... "Turn those machines back on and SELL! SELL! SELL!"... :-)
When do those "circuit breakers" kick in, to prevent flash crashes of glod and sliver??
@Ra,
Take a look at the weekly candles on SLV, would you call that an evening star or something else, the general pattern matches but the white body on the left could have been bigger. What do you think?
ben22
That is the evening doji star which is more bearish than the evening star. The third day/week should close well into the body of the first day. Check. Not only that it took out the previous six weekly highs. Ouch.
ben22
Silver OTOH is an evening star. The first week doesn't seem that big but it's relatively larger than the ones preceding it.
Gold weekly is a bearish engulfing and is trading below its weekly 3LB reversal price.
Since WTI weekly didn't open higher the only name I can come up with is Armageddon.
Been working to much to join in the fun. Said a few days ago 18's started to roll over.
Minor 18's playing out well. Hung around 1368 for a few hours then the downturn began. Said watch 1359, didn't hold, down to 1350 for support. Didn't hold overnight, down to 1332 for a bounce. I now see a H&S... 1350-1368-1350. We may just see 1314 (gap fill), 1296 excellent support, if, we get there but very much doubt it. Some buyers at 1332, for now.
"wunsacon said...
When do those "circuit breakers" kick in, to prevent flash crashes of glod and sliver??"
Bwahahahahah.
That's the beauty of commodities...it's for the non-snivelling crowd. If the S&P 500 dropped 30% in a Week, we'd have all sorts of Congressional Investigations..."that's not supposed to happen."
Though, I'm not sure if if I've ever seen a 30% drop this quickly in a commodity (Silver). It's amazing.
qqqq:
Thanks for the graph you sent me. Will work to incorporate it into a thread this weekend.
wow, when I thought oil was going to go down I didn't think... whoosh... the bottom drops out! On target to fill the gap 10 bucks below?
AT, I have some time now if you would like something else in it. 52 hours in 3 1/2 days, means 3 1/2 days off :)
52 hours in 3.5 days! Whoa.
In re: commodities. I suppose the 78% drop in Oil prices in the span of 22 weeks was the most violent thing ever witnessed. And, if you look at that decline, there was NO bounce. There really was no rally to sell.
That's the beauty of commodities...it's for the non-snivelling crowd
---
That's the beauty of PAPER commodities... it's for the non-STANDING FOR DELIVERY crowd
There... fixed it! :-)
I'm guessing that the Chi-Coms over there are vomiting up their noodle bowls and thinking of ways to get BACK INTO Federal Reserve Notes, and out of silver and gold bars before it's too late...
And So It Continues: Another 92 Thousand Ounces In Physical Silver Withdrawn From Comex Despite Historic Paper Collapse
http://www.zerohedge.com/article/and-so-it-continues-another-92-thousand-ounces-physical-silver-withdrawn-comex-despite-histo
"At this rate, tomorrow, for the first time, we will see a 32 handle in Comex registered silver ounces, where apparently despite the massive drubbing in paper silver, demand for physical inexplicably persists.Speculators to be blamed for this in 5...4...3..."
@CV 8:26, that's interesting
only in CA... Oh Boy.... The Mother Of All Complaints
It's granny and her damn tea set I tell ya!
Obama!!! Order some black helicopters and navy SEAL teams to go get grannys teas set will you dammit!!
There have only been 5 days where commodities collapsed significantly more than today; 3 days in 2008 and 2 days in 2009:
- 19 March 2008 - Right before Bear Stearns collapsed -->Commodities down 6.68%
- 29 September 2008 – 14 days after the collapse of Lehman Brothers & 19 days after Fannie Mae & Freddie Mac were nationalized - down 9.27%
- 20 November 2008 – down 6.75%
- 7 January 2009 - JP Morgan receives additional Federal assistance to rebalance commodity funds - down 6.99%
- 17 February 2009 - a month before QE1 was enacted – Commodity prices return to 2002 levels – down 6.68%
- 5 May 2011 - down 8.19%
CV,
Also:
http://www.zerohedge.com/article/charting-todays-second-worst-ever-initial-claims-miss-expectations
Between 2003 and 2006, there weren't many of those.
Did you guys see Denninger's analysis of the birth certificate? I used to think birthers were nuts. Less so, now.
>> .it's for the non-snivelling crowd
I turned on NPR on the drive home and heard Mary Schapiro speaking in soothing tones about regulations implemented to inhibit flash crashes. Yeah! So, now we just go down "limit down" a few days at a time...and re-open the exchanges in a month! ;-) I'm looking forward to it.
What's wrong with this picture: gold is higher, oil is higher but silver is lower in the after hours.
"That's the beauty of PAPER commodities... it's for the non-STANDING FOR DELIVERY crowd"
CV. For the record, the reason "commodities" trading works in a futures markets is THE convergence towards DELIVERY.
If you OWN a commodity on the the CME/NYMEX and you WANT to take delivery, you WILL take delivery on Expiration.
That's the beauty of that system.
And vice-versa. Everyone MUST honor the contract.
In re: all the paper ETFs....don't know about those....don't play in those...
But, the FUTURES markets DO work.
AMPEX can take deliver of a bunch of May Silver at $35 bucks if they want to....
So, I don't understand why they would have taken delivery at $45 bucks as you mentioned earlier.
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