A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection.
Is there no help for the widow's son?
Creditcane™: Ok. That's it. The gloves are coming off. I will not be denied.
SPXBullish long day (failed falling three method). Midpoint above EMA(10). Failing SMA(144). Failing trend line (3/6/09-7/1/10). Held the 61.8% retrace (1295.47). Daily 3LB reversal up (reversal is 1265.33). QE2infinity.
DXYBullish long day. Midpoint below EMA(10). No test of 0.0% retrace (72.70). Tested and failed SMA(21) & SMA(55). Failed its 23.6% retrace (74.73). Held its weekly 3LB mid. No daily 3LB changes (reversal is 73.78).
VIXBearish short day (confirmed bearish engulfing). Midpoint below EMA(10). Still above all SMA's. Tested and held its 23.6% retrace (18.28). No daily 3LB changes (reversal is 18.26). Captured and extradited back to the "no fear" zone.
GOLDBullish short day. Midpoint above EMA(10). No test of 0.0% retrace (1578.30). Held SMA(21). Held its 14.6% retrace (1539.32). No daily 3LB changes (reversal is 1557.30). Holding above upper trend line. Must have the precious.
EURUSDBullish long day. Midpoint at EMA(10). Tested and held SMA(21). Held its 76.4% retrace (1.4304). No daily 3LB changes (reversal is 1.4580).
JNKBullish long day. Midpoint above EMA(10). Failing all SMA's. No test of 0.0% retrace (38.59). Held above its 38.2% retrace (39.48). Failing trend line (2/5/10-2/12/10). No daily 3LB changes (reversal is 39.88).
10YR YIELDSpinning top day. Failing all SMA's. Midpoint at EMA(10). No test of 0.0% retrace (28.93). Still below the upper trend line. No daily 3LB changes (reversal is 30.99).
WTIDoji day. Failing SMA(233). Midpoint below EMA(10). No test of 0.0% retrace (114.83). Tested and held its 85.4% retrace (93.07). No dally 3LB changes (reversal is 97.84).
SILVERBullish short day. Failing SMA(89), SMA(55) & SMA(21). Midpoint above EMA(10). Still below the upper trend line. Held its 61.8% retrace (35.28). No daily 3LB changes (reversal is 38.30). "You want delivery! You can't handle the delivery!"
BKXBullish short day (failed bearish harami). Midpoint above EMA(10). Failing all SMA's. Tested and held its 76.4% retrace (47.07). Daily 3LB reversal up (reversal is 46.37).
CRBSpinning top day. Midpoint below EMA(10). Tested and failed its 14.6% retrace (338.44). No daily 3LB changes (reversal is 350.06). Still below monthly 3LB reversal price.
WORLD WIDE PREMIERE JULY 1, 2011
9 comments:
Thanks AR!
Feeling this SPX up week may not last for another week. $BPSPX kind of shows this.
new chart...
Food - Fuel - Metals - Price - Indexes
Will there be a repeat of 6/14/11-6/15/11 tomorrow?
Saw this written by a misinformed person on another blog somewhere...
A classic case of misguided assumptions and trying to 'believe' that government really is good:
"Txxx said...
Mxxx - Absolutely! There is a place in this country for Government and many things the government has done have worked out exceedingly well for this country.
The GI Bill comes to mind. That massive government program had quite a bit to do with the success of this nation after WWII."
~~~~~~~~~
WRONG.
I'll tell you what had "quite a bit to do" with the U.S. success after WWII....
Every other 'modern' nations' factories were DESTROYED by the War. We were the only ones with infrastructure to help rebuild all the shit that was blown up.
That's the real story.
That's why our GDP "BOOM"-ed ....
thanks for the "Wrap" as usual AR.
@Andy:
We would have quite a task to list all of the things that made this country grow very quickly in the 20th century (strong population growth, debt growth to bring forward consumption, etc., to name a few), but we surely wouldn't find government on the list.
People are tremendously good at managing their own affairs in the absence of government. General discontent is something that is manifested by the introduction of authority by an outside body, and that discontent grows with the size of that authority. This is a truism because the whole point of government is to force some kind of control over other people (otherwise, as I noted initially, one could just manage his own affairs).
The problem is that in order to exert your control over other people, generally, you have to submit to some other control (the beauty of compromise). That negotiation of governance is a good start for contemporaneous discontent. Start to stack these controls over generations (i.e., submit to controls that were implemented before one was even born and to which one was not a party to negotiations) and it isn't much of a leap for me to guarantee general discontent over time.
@Matthew.
Well stated, sir.
nice post matthew, real nice.
Let's be honest. Who really believes Greece will implement the austerity measures? Why even waste money on them? Let them default and switch back to the drachma. It's their bonds that will take the haircut (50% or more). The CDS notional amount is around $5B so that's not the biggest problem. It's those who are holding the bonds that will be screaming bloody murder.
http://www.nytimes.com/reuters/2011/06/21/business/business-us-pimco-greece.html?_r=1&hp
PIMCO Head Predicts Greece, Others Will Default
TAIPEI (Reuters) - The head of PIMCO, the world's biggest bond fund, predicted that Greece and other European economies would default on their debts to resolve their problems as the euro area faces a debt crisis.
Greece's government won a vote of confidence late on Tuesday, a crucial step towards securing further financial aid from the European Union as the country tries to avoid the euro zone's first sovereign debt default.
"For the next three years, we're going to see different economies work out different problems. For European economies, especially Greece, it would be through default," Mohamed El-Erian, chief executive of PIMCO, told reporters in Taipei on Wednesday via a video conference.
El-Erian has suggested in the past that Greece would default and that Europe risks wasting money for nothing by pumping billions of dollars into the ailing economy.
He added on Wednesday it was "unlikely but not impossible" that a Greek default would trigger another global financial crisis.
The confidence vote in Athens came after a European ultimatum requiring the debt-choked state to implement a five-year austerity package of measures within the next two weeks or miss out on a 12-billion euro tranche of aid money.
European policymakers are also considering a second bailout package worth an estimated 120 billion euros that is meant to extend Greece's year-old 110 billion euro deal and fund it into 2014.
(Reporting by Faith Hung; Writing by Neil Fullick)
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