DXY (weekly info)-no change (above mid)
trend=down
low= 72.93
rev= 75.07; mid= 74.00
The DXY had a nice move higher on Thursday and Friday last week. But the move was not enough to cause weekly 3LB reversal. Or get it above the upper trend line. Or get above any of the SMA's. Or get above the 14.6% retrace. Looks like it may have been more of a head fake and dollar destruction should continue.
CCI (weekly info)WEEKLY REVERSAL new low 632.32
trend=no
direction=down (1 bar)
low= 632.32
rev= 690.05; mid= 661.19
The CCI got shellacked last week. Not just a weekly 3LB reversal but even traded down near the monthly 3LB reversal. Now that's some serious selling. It also closed below its 23.6% retrace. If you look at the daily chart Friday made an inverse hammer. So the selling may have abated (for now).
24 comments:
http://www.cnbc.com/id/42954676
Amtrak, 15 States Get $2 Billion That Florida Lost
...This is why it may prove impossible to cut spending. Instead of putting this money back in the Treasury, we gin-up another several places to spend it. It appears it will never end...
Indeed Bruce.
That's what the Braying Donkey types don't quite "get." You have to stop "feeding the beast." Otherwise, they'll spend the money on "something"...it's like any other budgeting mentality....if you don't spend the money, you might lose it.
Sort of a choppy intraday grinding looking higher on the Silver and Gold...."corrective" bounce only at this point.
Every move down is met with buying to stave off an avalanche.
smooth little 400MM loss for Clive Capital:
http://www.ft.com/cms/s/0/2b9bfa74-79a0-11e0-86bd-00144feabdc0.html#axzz1Lrn5LnIY
Damn speculators.
Kyle Bass jumps into silver...
http://www.businessinsider.com/kyle-bass-goes-long-silver-2011-5
Kyle Bass jumps into silver...
---
Welcome to the party pal!
http://www.youtube.com/watch?v=qkyskI13KOs&feature=related
Kyle Bass jumps into silver...
Squeeze. Fibo retracement.
Clavadista, part DEUX.
You can write the scripts after a while..
I f*cked with a lot of hedge funds last week.
Bucky did get Medieval on on few folks....
@AT,
You ever tried to look at the next largets cycle in copper or other commods? Not sure if it applies but I'd guess you'd look at the 32 year as the next highest order? (16 x 2) or above that I'd think there'd be influence based on the Kondratief at 54 years. Also just playing with the dates you have, if you did 8 X 3 instead of 2 your next larger cycle is of course 24 years and that would have mapped well from 1977-2001, next major low then further out in 2025 area. I've read pretty compelling evidence that we are in a Kondratief winter and socially that certainly appears accurate, that being the case I'd think that if either of those cycles hold above (8 year and the 16 or the 24) there will be "left translation" when they peak in this next wave as the larger Kondratief pulls the smaller cycles into it's whirlpool. I liked the silver charts/interpretation as well, it *feels like the weaklings just need to be shaken up a bit in that market is all, I have a hard time thinking that story is over already but indeed those candles are at best indicating some sideways action for a bit here, at worst something more ominous. Anyway, enjoyed that presentation, I'm usually too lazy to do the math needed to figure out if cycles are working in stocks or not, I tend to follow the 4 year and the basic cycle you outlined in your update. I think 2008 showed the decennial cycle is broken or no longer holding influence. Does TradeStation have good tools for cycles?
http://www.youtube.com/watch?v=rWOn1dFmFds
TradeStation is ok at drawing the cycles....
It's definitely a subjective thing, but that 8 year cycle on copper seems pretty interesting.
Silver is basically a mettalurgic "by-product" of copper mining...
Meaning: Most of the silver that is mined these days actually comes out of the ground as an auxilliary of copper mining (and there are few actual SILVER mines)...
So theoretically... If copper goes into a glut period (pricewise), that's going to mean less and less silver being produced...
Either that, or the mines continue to go full bore (extracting & refining both), and the copper just sits there in [Chinese] warehouses...
But there are slight problems there as well...
Copper is very susceptible to oxidization (whereas silver is only slightly and gold basically none)...
It's hard to factor all these things into a decade long scenario...
metallurgic, he meant to type...
Fannie needs another 8.5BN....
http://www.moneycontrol.com/news/world-news/fannie-mae-seeks-3685-bntaxpayers_541236.html
That's a smooth 100bn....
Saw that earlier. Fannie always waits until Friday evening to make announcements.
BTW Citigroup 1:10 reverse split happened today. HFTs have to find another stock to churn.
http://www.zerohedge.com/article/head-eurogroup-admits-lying-about-secret-greek-meeting-out-fears-market-collapse
Juncker admits to lying about Fridays meeting and when economic conditions require it.
To actually hear this mentioned out loud is mind boggling
CNBC checking to see if there was a reaction to the Sheila Bair resignation....
Geez.
Who really gives a shit?
Here's the actual article on Juncker from the WSJ blogs: http://blogs.wsj.com/brussels/2011/05/09/luxembourg-lies-on-secret-meeting/
Silver made a morning star pattern. Confirmation tomorrow?
WTI looks similar. It did get above its 50% retrace.
Let's see if we get to the 61.8% retrace before the Exit begins.
Must have sucked to be short today.
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