I tackled SP, DXY, Silver and Gold within this report.
Bottom Line: S&P 500 still looks like a mixed bag of mess. There is no trade there. The Dollar is witnessing a nice pull back, but the bias is to buy the dip in the Greenback. Silver appears headed back to mid-40's but must first clear big resistance at $39.50. Gold saw a nice bounce last week, but it looks like it's due for a pullback.
Market Commentary 30May11
Addendum:
Good reader and contributer QQQQTRADER has a nice way with putting data and charts together. Here's his latest which can also be found here. It shows the trajectory of Private vs. Public Income since 2000. We want the green line to outperform the black line!
9 comments:
Thanks, Andy.
@Andy
I too... Appreciate the charts...
Sometimes what bothers me though is the following...
http://www.zerohedge.com/article/mark-mobius-echoes-carl-icahn-there-definitely-going-be-another-financial-crisis
"In an almost verbatim repeat of Carl Icahn's words of caution which we noted yesterday, Templeton's legendary chairman Mark Mobius said that "another financial crisis is inevitable because the causes of the previous one haven’t been resolved" during a luncheon (menu included herb crusted chicken breast with cheese and tomato sauce, mashed potato and green vegetables, seasonal salad) at the Foreign Correspondents’ Club of Japan in Tokyo...
Bloomberg reports: "There is definitely going to be another financial crisis around the corner because we haven’t solved any of the things that caused the previous crisis,” Mobius said at the Foreign Correspondents’ Club of Japan in Tokyo today in response to a question about price swings. “Are the derivatives regulated? No. Are you still getting growth in derivatives? Yes."...
Unlike Icahn, Mobius stopped short of calling for a return to Glass-Stegall and a repeal of the abominable Gramm-Leach-Bliley which unleashed the era of zero margin derivatives and financial system neutron bombs...
On the other hand, it is nice of Messrs Icahn and Mobius to speak up now, two years after the ongoing systemic instability transferred $3.5 trillion in capital from current and future taxpayer generations to the present financial elite. We do, however, forgive them because in their better late than never contrition, they join the likes of Zero Hedge who since January of 2009 have warned, over and over, that nothing in the structure of capital markets has changed, and that the market could any day open not only bidless, but broken beyond even Brian Sack-ian band aid repair......
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What BOTHERS me is the lack of acknowledgement (or even the PROSE - on this blog) to even offer any HINTS at that...
No!
Here it's ANDROGENOUS city...
Central bankers have NOTHING TO DO with markets (even in 'millisecond' & TICK timeframes)... Prechter has it all figured out [which is PROBABLY correct in the long run - but not before you go bankrupt in the process by having gone 200% 'short' 3x in the last 2 years])...
And what has CV done in the same period?
- I said 'PM's' (silver/nickel bitchez) going a year back ago...
- I gave up even bother trying to comment on daily market moves (practically starting with Jackson Hole last year - which is when my NOW 'spinning off the planet' behavior began to manifest)... Gotta give KUDOS to Amen Ra here tho... Why? Because almost RELENTLESSLY he has quietly 'slipped in' QE2INFINITY & such type subtle suggestions... MOSTLY since Jackson Hole (last year)... AMEN... My hat is off to you... You have been able to say... ELEGANTLY... What CV has been saying all along (without attracting a band of 'haters' in the process... MORE POWER TO YOU!)...
- I gave up authorship of this blog (because I was tired of what I'd come to perceive as RIGGED markets)
- NOW... I'm basically 'anti-semitic'...
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Anyway... I've enjoyed cajoling with you all... But I suppose my future resides in hanging with Tyler Durden & the crew (because despite the CRASSNESS, the aggregate is still the only thing that I read these days that has the balls to get down to the core of what's probably happening at the core)...
I'll try and slip in a few NFL picks (OVER THERE) when I can (if it's even possible)...
As I recall (still in ARCHIVES, if anyone cares to research)...CV's AGGREGATE PICKS (NFL & NCAA), would put anyone 'double digits' ahead of even the JUICE of bookie margins...
I know that 'pales in comparison to 'tick time' DOW mini future calls... (whereby y'all can easily bank $500 a day of fiat - CASH MONEY)... But I just try/tried to do my humble part...
I'll retire to the glue factory now...
WTF ever...
This blog... IMO is great (with the charts & all)...
& it's CERTAINLY a lot better than reading a blog (all too obvious which one I reference)... That's basically just a LUNCHEON CONVERSATION between Nancy Pelosi & Martin O'Malley)...
You can do better... Can't you?
...and if ANYONE hasn't figured out yet what CV is talking about...
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I'm wondering WHY... PERMABULL Mobius'... is, ALL OF A SUDDEN coming out in question of 'structural changes' (the fact that they have not been acomplished)...
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Well, that's PRETTY MUCH FUCKING OBVIOUS isn't it???
He's 'smelling' that the QE party is over (or about to be)...
What a fucking genius!!! How could he have possibly figured that out in the late innings of this game???
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Yeah... Central Bankers pretty much have (or have had N-O-T-H-I-N-G...ever... to do with anything since as long as they've ever been around...
Since 1913... It's all been traders with their TD Ameritrade accounts (trading DOW mini 'ticks') that have had control of things...
Lastly...
Just YET ANOTHER of CV's 'idiot rantings'...
But it appears that in the overnight... (oh - by the way - an overnight that has US MARKETS closed & EUROPE MARKETS open)... an attempt is being made to move the dollar lower & silver & gold higher...
I don't make that much out of it... Other than a sneaky move to get to some better 'triangular' read" PENNANT formations to get the 'EWI''ers to draw out 'new' counts (which - essentially will amount to KICK THE CAN TO LATE 2012 - counts)...
CV 'sincerely' apologizes if he offended any tin cans in this message...
I don't think any tin cans were offended.
Thx for the mention AT, as always your charts are great! For a few weeks now I haven't had a feel for SPX direction, my indicators are giving me erroneous signals, but my gut told me to go neutral, so I did. Might have a month or so off work if the Govt. doesn't release funds to the company I work for... gonna trade PM's daily then!
a little late but here's last weeks data...
Indices
S&P 500 1,331.10 -.16%
DJIA 12,441.58 -.56%
NASDAQ 2,796.86 -.23%
Russell 2000 836.26 +.87%
Wilshire 5000 13,968.05 +.01%
Russell 1000 Growth 612.70 -.08%
Russell 1000 Value 677.91 -.07%
Morgan Stanley Consumer 785.78 -1.19%
Morgan Stanley Cyclical 1,078.52 +.01%
Morgan Stanley Technology 680.64 -.68%
Transports 5,408.58 -.74%
Utilities 433.54 -1.43%
MSCI Emerging Markets 47.64 +.72%
Lyxor L/S Equity Long Bias Index 1,047.83 -.43%
Lyxor L/S Equity Variable Bias Index 889.68 -.09%
Lyxor L/S Equity Short Bias Index 620.73 -.32%
Sentiment/Internals
NYSE Cumulative A/D Line 127,563 +1.23%
Bloomberg New Highs-Lows Index 125 +143
Bloomberg Crude Oil % Bulls 39.0 -7.14%
CFTC Oil Net Speculative Position 199,192 -1.91%
CFTC Oil Total Open Interest 1,522,076 -3.84%
Total Put/Call .71 -31.07%
OEX Put/Call 1.32 -14.84%
ISE Sentiment 102.0 +18.60%
NYSE Arms .83 -43.15%
Volatility(VIX) 15.98 -8.32%
G7 Currency Volatility (VXY) 11.65 +2.19%
Smart Money Flow Index 10,531.41 +.62%
Money Mkt Mutual Fund Assets $2.748 Trillion +.40%
AAII % Bulls 25.61 -4.05%
AAII % Bears 41.42 +.31%
Futures Spot Prices
CRB Index 346.27 +1.38%
Crude Oil 100.59 +.68%
Reformulated Gasoline 309.20 +4.96%
Natural Gas 4.52 +4.54%
Heating Oil 299.05 +2.41%
Gold 1,537.30 +1.57%
Bloomberg Base Metals 253.22 +1.97%
Copper 418.60 +2.07%
US No. 1 Heavy Melt Scrap Steel 409.33 USD/Ton -.16%
China Hot Rolled Domestic Steel Sheet 4,864 Yuan/Ton -.18%
UBS-Bloomberg Agriculture 1,677.92 +2.12%
Andy T
Thanks for the charts (as always).
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The fake support for another Greece bailout probably will last around two days.
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