SILVER (weekly info)new high 48.60
trend=up
low= 48.70
rev= 40.64; mid= 44.62
Silver was on the verge of busting through $50 until the Sunday night shenanigans. The after hours trade has silver trading below its weekly 3LB mid. DBTH (don't believe the hype). Something was up as the depositories were shifting everything from registered to eligible. They were scared. They should be careful because it's not just individuals buying the dip it's sovereigns.
DXY (weekly info)new low 72.93
trend=down
low= 72.93
rev= 75.07; mid= 74.00
The move in the PMs in the after hours is not fully reflected in the dollar. It's up but not by much. It's nowhere near its weekly 3LB mid. It is forming a bullish harami pattern on the weekly chart but a week is a long time when it comes to currencies. Let's see how this plays out.
90 Day UST (weekly info)-no change (below mid)
trend=down
low= 0.040
rev= 0.160; mid= 0.100
Doesn't seem like the Fed will be moving rates just yet. Currently they are probably involved in trying to take down gold and silver. You won't find a paper trail though. I expect that the 90 Day won't move until QE2 ends.
36 comments:
OBL dead?
- Announced on "May Day"
- Just as the dollar was about to collapse
- Buried at sea? ROROROROROROR!
My prediction is that the 'retaliation' by Al Quaeda will either conveniently target:
a) the hospital where Obama was born
b) The Trump Tower
Got any other issues that need to be handled while I cozy in to watch the Chicago Bulls run through the NBA playoffs?
You can't make this shit up!
Finland says no to EFSF (aka no Portugal bailout) and Greece wil likely restructure.
http://www.zerohedge.com/article/meanwhile-europe-true-finns-just-say-no-greek-bailout
I think capping OBL is pretty good news overall. Typically, these kinds of organizations that lose the "leader" will flounder a bit. Thinking about it all overnight, it's a bit depressing that this guy was NOT in a cave somewhere in the mountatins, which was the commonly held "story" we've been fed. Sounds like he was hanging out in a pretty place in the "open."
Covered back the ESM11 sales from last night...they didn't really fall back as hard as I imagined. They're going to ram the opening...will have a better "sell" number in a few hours.
should be,at least, contemplated..
http://cryptogon.com/?p=22108
AAIP
??
Buffett, Welch praise news of bin Laden death
1 minute ago
(AP:OMAHA, Neb.) Berkshire Hathaway CEO Warren Buffett and former General Electric Co. CEO Jack Welch both say they were thrilled by the news that Osama bin Laden had been killed.
But neither businessman believes bin Laden's death will end the threat of terrorism because so many people want to hurt the United States.
The two revered businessmen appeared together on CNBC Monday. Buffett's interview had been scheduled to discuss last weekend's Berkshire Hathaway shareholders meeting, but international relations became a prominent topic because of the Bin Laden news.
Buffett says the fact that the United States hasn't sustained another major terrorist attack since Sept. 11, 2001, shows that the government has likely done many things right. Buffett, whose company owns several major insurers, says he was expecting another attack in 2001....
http://news.ino.com/headlines/?newsid=689778665676580
ibid.
I think I'd have liked to have someone other than the government look at this body and identify it as OBL before it was buried at sea.
There is an election season coming up you know. And this would pertain to whomever was in power.
http://www.hussman.net/wmc/wmc110502.htm
"All of that said, our defensiveness since April 2010 remains consistent with evidence from both post-war and Depression era data. I emphatically believe that quantitative easing is a reckless and misguided policy, and should not be relied on as a durable basis for speculation. It is also clear that the syndrome of overvalued, overbought, overbullish, rising-yields conditions typically leads to tears, on average, regardless of the subset of historical data one chooses to analyze. Despite what, in hindsight, were missed opportunities to accept market risk in 2009 and early 2010, now is not then. Conditions are far different, and far more hostile."
...Stay nimble, my friends...
Burial at sea???? UFB. I'm not a believer in parading heads on spikes, but if there was ever a case to be made for it, this one was it. Talk about a credibility problem.
Unbelievable. Silver goes down.
I wonder if ISM was so bad that they had to do anything to prop up the market. JTOL.
Silver back over $46.
114.36...
Effects will only multiply...
@AT,
Just a note, even after the initial reaction on the news last night futures did not bring the price more than 3% above the neckline, even with the lowest measurement of that line it hasn't been broken yet.
I find this interesting at the minimum, that range should surely be tested today, but one can only wonder if it will break to confirm the pattern.
@AT,
Also hadn't really caught the island reversal of an island reversal on S&P, that rounded top type look in early April was an island and that "double gap" you show certainly qualifies as one as weell, it erased the entire move that preceded it, bias might lead me to think this could hamper the head and shoulders efforts.
@ben22:
See that...those sorts of overnight knee jerk moves are almost always a fade...
I'm watching the ESM11 with a lot of interest.
Wonder who sold the lows in Silver last night...how does that feel now? That market is gettting scarier and scarier.
I'm 78.6% positive that Silver is forming another triangle here.
traingle looks real good on silver as the idea though volume is huge which is a little abnormal for a triangle, makes me wonder if a right shoulder is about to form instead.
That tail on silver indicates strong buying. It tested its SMA(21) and it held. The SMA(21) has been support since it closed above it on 2/3/11.
...on silver having been down overnight...
Well - What has CV told you all about a brazillion different times that big moves in FOREX & commoditieds happen on Mondays where 'either/or' Europe or the USA is closed...
Yawn
Silver down... HA!...
I guess they must have found 50 brazillion metric tons of silver ingots under the compound where Bin Laden was being kept on ice (I mean 'palace where he was killed)... Now those ingots are going straight to the COMEX vaults where they can put it back into contango...
What a friggin' joke the world has become...
Prevailing sentiment towards Obama today from the Left is something like this:
"xxx said...
All of the birthers and most of the Republican party have to be looking around and realizing that Obama just secured his re-election and is almost invincible going forward.
Of course, there will be those who will still try to discredit Obama, but politically, it is game, set and match."
~~~~
Odds of being reelected on Intrade has gone to 70%. I would FADE that move here....Put me down as a seller at 70% odds.
It's a long time between now and then....
"It's a long time between now and then...."
@AT... Been working on a chart that shows the prices of stuff from when he became Prez, to present. I'll send ya what I have so far but it's not finished yet... need more hours in the day!
I would make a bet that if oil stays high until the election it will most certainly dampen the momentum for Obama.
well check it out qqqq.
If today doesn't close higher on the SPX, NASD, DOW, RUSSELL then what will they think of next to try and boost the market?
@Andy (12:15) ben22 (12;58)
Pfffffft!
Bot you guys and I know that Bin Laden will be forgotton about as soon as we reach the quarterfinal rounds of "Dancing With the Stars"...
---
Funniest exchange I read all day...
"Sources tell ABC News that in March President Obama authorized the development of a plan for the U.S. to bomb Osama bin Laden’s Abbottabad compound with two B2 stealth bombers dropping a few dozen 2,000-pound JDAMs (Joint Direct Attack Munitions) on the compound.
But when the president heard the compound would be reduced to rubble he chose not to pursue that option.
http://blogs.abcnews.com/politicalpunch/2011/05/president-obama-had-auth...
by Manthong
on Mon, 05/02/2011 - 11:17
#1229700
"He did not want to risk collateral damage to neighboring Costsellobad"
---
That pretty much sums up CV's reaction to the whole thing (and what it means in the grand scheme of things)...
Sources tell ABC News that in March President Obama authorized the development of a plan for the U.S. to bomb Osama bin Laden’s Abbottabad compound with two B2 stealth bombers dropping a few dozen 2,000-pound JDAMs (Joint Direct Attack Munitions) on the compound.
But when the president heard the compound would be reduced to rubble he chose not to pursue that option.
http://blogs.abcnews.com/politicalpunch/2011/05/president-obama-had-auth...
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by Manthong
on Mon, 05/02/2011 - 11:17
#1229700
He did not want to risk collateral damage to nieghboring Costsellobad
Most Wanted Man on Earth
"Oh we just tossed his body into the sea"...
Nothing to see here, move along...
I half expect to see him at the craps table in Caesars Palace next week...
"OBL was shot in the face by a Barret 50 cal sniper rifle at close range in the compound..."
and he was buried at sea 12 hours later...
WAIT!
Didn't my friend "Dirty Harry" say something about that once?
They need to check and see if OBL cells have any crystal structures.
"But being as this is a 44 Magnum... The most powerful handgun on earth... And it could blow your head CLEAN OFF... You have to ask yourself a question..."
Did they to leave evidence to identify me?
or are they that stupid that they believe this bulls***?
Well - do ya believe it... PUNK?
I'm guessing that they basically still had the high school geek who did the PHOTOSHOP job on Obama's birth certificate still on retainer so they doubled down and decided to do the OBL job in the same week...
http://www.youtube.com/profile?feature=iv&annotation_id=annotation_954992&user=propheticseerchannel
Having just coughed up 1.32.9/L for regular unleaded in my hood (a bit over 5 bucks a gal in American)...the chances of taking an extended road trip this summer are nil...fuck em.
And as for getting on a plane...and considerably heightened junk groping?
Good luck with that. Sticking to the local courses and fishing holes.
Sounds like the main lead came from waterboarding/torturing a detainee....
Failure of the market to close higher on "good news" is not a sign the bulls wanted to see at the start of May.
and it begins: http://www.zerohedge.com/article/treasury-cuts-its-borrowing-need-estimate-half-suspend-state-local-govt-funding-due-upcoming
Treasury Cuts Its Borrowing Need Estimate By Half, To Suspend State, Local Gov't Funding Due To Upcoming Debt Ceiling Breach
After announcing it issued $265 billion in marketable debt to fund $445 billion in financing needs (including the wind down of $195 billion in SFP cash management bills), the Treasury has just announced it expects to need just $142 billion in Treasury issuance in the April-June quarter. This ridiculous amount is more than 50% lower than the previous estimate of $299 billion disclosed on January 31, and confirms that the Treasury is now scrambling to appear prudent to Congress with its debt needs. That it will need far, far more at the end of the day is beyond question. The reason for the over 50% plunge in borrowing needs "largely relates to higher receipts and lower outlays." Well, that's great - perhaps the treasury can explain why its preliminary cash need for the July-Sept quarter are $405 billion (compared to $396 billion a year earlier). Altogether, this advance estimate is ludicrous and shows that Geithner has totally lost a grip on reality.
h/t zerohedge.com
Seems like they're back to selling silver to force out the weak hands. A temporary relapse by the silver longs as they stepped out to celebrate. Probably won't happen again.
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