A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection.
We just had a second helping of Goldilocks. Party on!
Creditcane™: Feel my wrath. I am the harbinger of things to come.
SPXBearish long day. Midpoint below EMA(10). Failed SMA(21), SMA(55) & SMA(89). Failed test of trend line (3/6/09-7/1/10). Failed the 38.2% retrace (1324.16). Failed weekly 3LB mid. Daily 3LB reversal down (reversal is 1345.18). QE2infinity. "JBTFD. Any questions?"
DXYBullish long day (confirmed hammer). Midpoint below EMA(10). No test of 0.0% retrace (72.70). Below all SMA's. Held its 23.6% retrace (74.73). No daily 3LB changes (reversal is 76.10).
VIXBullish long day. Midpoint above EMA(10). Back above all SMA's (in one day mind you). Held its 23.6% retrace (18.28). Daily 3LB reversal up (reversal is 15.45). Wants to escape the "no fear" zone.
GOLDSpinning top day. Midpoint above EMA(10). No test of 0.0% retrace (1577.40). Above all SMA's. Tested and held its 14.6% retrace (1539.32). No daily 3LB changes (reversal is 1556.40). Holding above upper trend line. Must have the precious.
EURUSDBearish short day. Midpoint above EMA(10). Held SMA(21). Tested and held its SMA(55). Failed its 76.4% retrace (1.4346). No daily 3LB changes (reversal is 1.4054).
JNKBearish long day (confirmed hanging man). Midpoint below EMA(10). Back below SMA(21), SMA(55), SMA(89) & SMA(144). No test of 0.0% retrace (40.93). Failed its 38.2% retrace (40.41). Daily 3LB reversal down (reversal is 40.88).
10YR YIELDBearish long day (and gapped lower). Still below all SMA's. Midpoint below EMA(10). Made a new 0.0% retrace (29.52). Still below the upper trend line. New low on daily 3LB (reversal is 31.21).
WTIBearish long day. Back below SMA(89) & SMA(21). Midpoint above EMA(10). No test of 0.0% retrace (114.83). Failed its 50.0% retrace (102.07). No dally 3LB changes (reversal is 111.41).
SILVERBearish long day. Held SMA(21). Midpoint above EMA(10). Back below the upper trend line. Tested and failed its 50.0% retrace (38.05). No daily 3LB changes (reversal is 36.12). ""You want delivery! You can't handle the delivery!"
BKXBearish long day (looks like a completed evening star). Midpoint below EMA(10). Failing all SMA's. Failed its 61.8% retrace (48.75). Daily 3LB reversal down (reversal is 50.10).
WORLD WIDE PREMIERE JULY 1, 2011
21 comments:
SPX 1295 looks like a magnet.
This move in Treasuries is close to done for the time being.
Nobody would be surprised by a bit of follow through tomorrow.
All those who shunned REITs b/c of higher bond yields looking silly.
Made a lot of mistakes in May but the portfolio is doing fine.
This business is more about avoiding losses than making big wins.
I could, barely, believe it..
the 'itenerent' Coin dealer, at the 'Informal market' was pimping 1 oz (Troy) Copper Rounds..
@ U$D 3.5/ea.
1/2 lb. (Troy) .999 Copper Ingots @ U$D 15
Copper, the Red Metal, the 'New Investable' ..
AAIP
Tomorrow the SPX needs to close above todays midpoint (1329.88) for the bulls to regain control.
Classic Barry:
"We have been doing selective trimming over the past few weeks, but nothing too aggressive. As of this morning, we were about 70% long, 30% cash."
So, at various points in the last few weeks he basically doubled his cash position as of this morning, "before" the pukefest.
The guy bears no responsibility to divulge when he sells or reallocates, but don't expect big props when you tell the readership, on the day of a big puke, that you had been doubling your cash position the last few weeks.
Barcelona playing ManU in an exhibition in Washington D.C. this JULY. If my July calendar wasn't already booked, I'd probably go to see that game.
Pretty scary move today boys and girls. Bulls have every right to be afraid right now. Today's move raises the probability that we're witnessing an irregular triangle (or expanding triangle) that began from the 1344 peak in mid-Feb. Translation: we could be just in "the middle" of c-wave down....that could carry with it a lot more drama.
Just getting back...
CV <3's the summer... Pool classes bitchez!!
Couple of things...
AAIP (7:18)
ror! :-)
Gotta love it right?...
Couple of ways of looking at... (not in a serious way - this is just CV 'funnin' again...
I think it was Ron Paul that said... "We couldn't hold a gold standard, nor a silver standard... By 1982, we couldn't even hold a copper standard... At present, were struggling with the zinc standard...
Part 2 is WTF? Copper rounds?... Just ask for change in nickles at the store (assuming you pay cash)... You'll have all the copper rounds you'd ever want (& the Ni is even more valuable)... Worst case scenario, you could melt it all down and make your own armored tank (with a moonshine distillery & some ammo as a bonus)...
ben22
"internals the last two days leave you in a hot mess of even more than normal uncertainty"
AKA 'volatility' if I am correct... Which still has me scratching my head as to why they LOWERED margin req's on ES & YM yesterday...
& btw... I hope everybody listens to this to this... ben (IS) the 'pro' at this... CV (IS NOT)... (That IS NOT SNARK)... Ben, to me, is like the ACE pitcher on the mound... I'm the meat in the batters box who is crowding the plate waiting for that certain pitch... So what I admire about ben is that he has the balls to give me that "dust off" pitch at 98 MPH straight at my head and makes me hit the deck...
Kinda like saying... "MF... stop crowding the plate"...
So anybody who reads this blog should just understand everything like that... At the end of the day, we all go out for beers...
@myself
oops... I left early, but it looks like my volley at Ritholtz (cash vs. gold), by the close ended up backfiring...
Ritholtz 1
CV 0
...for now
no doubt AT, todays price action was most def. bearish, and it was broad based selling, nice channel down formed on the daily chart today S&P cash,
I sort of like that expanding triangle idea, A wave is roughly 95 points on cash from the 1344 high so from 1368 the C wave should move to at least 1273, is that how you'd count that?, could go up to 161.8% of the A-wave.
of course, if that plays out the E wave is where the real party could be at.
CV,
how many times before it sinks in!
they follow, they don't lead.....do you think by the time they got around to raising silver margins the very first time it was BEFORE volatility picked up?
Here's a chart of the VIX, instead of thinking these peeps are in such control of everything look at the chart and think about when they did what they did and then lets just watch and see what happens from here and what actions they take and we'll discuss from there:
http://stockcharts.com/h-sc/ui
http://www.newser.com/story/119920/8th-graders-on-field-trip-stop-for-lunch-at-hooters.html
that is really funny, I bet those boys will not forget that filed trip any time soon.
filed - - field
typical
@ben
...and here's the chart I was looking at... (btw - your chart link was the DOW, not the VIX)
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/images/ES%20realizxed%20vol.jpg
Based on today (& assuming there will be some follow thru), they ought to start raising margins back right quick (dontcha think)?
---
Still - my guess anyway is that somebody was caught out of position (perhaps it had to with ADP or ISM)...
But the bottom line??? Collusion between the COMEX, the player, & perhaps the Fed...
Because today could have been REALLY ugly if someone were facing a high margin call and were forced to liquidate... A European bank perhaps???
Fuck - I don't know... I'm JTOL... I could be totally FOS... But my mind just doesn't lean towards the IVORY SOAP - LEAVE IT TO BEAVER version that there aren't dirty deals going on all the time...
As always - the TRUTH probably 'lies' (ha ha) somewhere in the middle...
---
We shall see now... what actions they take...
I gotta go to sleep now (very tired)...
so I promise to read thru any rebuttals in the AM...
nite all... CV
ben.
I show the 161.8% of a-wave to be down at 1220...amazingly enough. That target is based on "closing" daily prices.
Pretty funny if we get to 1220 afterall...an area of huge chart support.
What would also be funny is that Neely could also claim victory on that kind of move...he's definitely suggesting a decent move lower based on those charts he published today.
hell. even daneric would look 'right' with a triangle developement off the mid-feb highs.
http://1.bp.blogspot.com/-dnchw9p742o/Tea7YUy0stI/AAAAAAAAJP8/c_KgsHVGFOQ/s1600/triangle.png
AT,
he had another one I'm not sure you saw where he showed a contracting triangle from the March 09 lows where the C wave could be topping here with a D wave that would have reverse alternation with B, he had that D wave drawn to about 1040, the B wave was marked at the August 10' lows.
Todays drop would have been larger than any drop within Wave C of that pattern at first look tonight indicating the D wave is here. D wave would have the bounce right around that 1220 target, I think the 161.8 on cash comes to ~1214 with the intraday extremes.
meant to say the 161.8 on the c wave in the expanding triangle discussed earlier is around 1214 but would also be around where the correction with the D wave of the contracting triangle he showed.
I saw that one ben. Not sure about that concept....
Last day of school tomorrow in "these parts"...kids are pumped. Naturally, they've been giving them tests all week. My 8th grader's worst subject has been Algebra...she hates the teacher (who is genuinely awful). Her last class and last test of the year is the Algebra. So, I explained to her "bitter irony" this evening.
I've been the surrogate Algebra teacher in the evenings ALL YEAR long. I'm happy this over.
Summer bitchez!
@Andy (11:44)
Quadratic Equations & Polynomials bitchez!
Post a Comment