BOVESPA (weekly info)-no change (below mid)
trend=no
direction=up (2 bars)
high= 72606.58
rev= 59690.14; mid= 66148.36
Brazil is still weak. It's below the SMA(13), SMA(55), SMA(89). It's also below its weekly 3LB mid. Probably will find support around the May 2010 low.
RUXX (weekly info)-no change (below mid)
trend=down
low= 654.29
rev= 726.04; mid= 690.17
Russia appears to be gaining momentum. It had a bullish engulfing a few weeks ago that was confirmed. It may close the week above its weekly 3LB mid and monthly 3LB mid.
Nifty 50 (weekly info)-no change (below mid)
trend=no
direction=up (2 bars)
high= 5927.50
rev= 5398.50; mid= 5663.00
India still appears weak but it is holding the lower trend line. It avoided a weekly 3LB reversal three weeks ago. The MACD is slowing inching higher. It's in a precarious position. One false move and down she goes.
Shanghai Composite (weekly info)new low 2705.14
trend=down
low= 2705.14
rev= 2863.89; mid= 2784.52
China is weak and getting weaker. It's struggling to hold the SMA(144). It's below its 50% retrace. It also can't make any headway into the long bearish weekly candle from the week ending 5/27/11.
39 comments:
CV,
sorry didn't get a chance to respond last night, thanks for all those thoughts.
Nice viewing this morning, in a segment about how to make America great again we get to hear from none other than Bob Lutz, former VP at GM of all places, who better to tell us how to make something great right?
In his segment he reveals he still believes, deeply I might add, that GM was taken down by the 2008 crisis, pay no mind to the fact that they were losing money long, long before that, they didn't even need to do the whole bailout, there just wasn't any money....details.
Big takeaway though is some of his own brand of the WB ultra wise one-liner, here it is:
"passion beats analysis"
now, go light the world on fire with that knowledge.
Ra,
maybe that morningstar plays out today on SPX as you hinted yesterday
we'll see
ben22
I didn't want to see it completed but the bulls are desperate. Plus it still needs confirmation.
Ra,
going to be interesting, 1275 was first level of support people were using as we started down from 1370, it clearly didn't hold up real well, we'll see now if it's more resistance than it was support.
The bounce shouldn't really be too big a surprise here, even those with a bearish bent had to see the leg down from 1370 was basically equal to the one from March to Feb at last weeks lows.
I still don't see a reason for the excessive bullishness this morning. Unless they are trying to force those who went short at 1300 to cover. It is opex week.
What's telling is that they haven't taken out yesterdays high TICK of 1037.
I haven't seen such an effort to establish direction in ages. There must be something bad coming this way. When wa the last time anyone has seen a squeeze of this magnitude?
This should make the banks happy: http://www.marketwatch.com/story/cftc-moves-to-delay-some-new-derivatives-rules-2011-06-14
Someone should check the bank accounts of the CFTC members. Just sayin'.
Ra,
we basically closed last Friday's gap down, but now we'll see if bulls or for real or its simply an oversold bounce
I'm still laughing from this morning as once again someone claimed we were rallying on Greek bailout rumors
that story is beyond old at this point
ben22
I had noticed that gap down. If it's one thing I 've noticed is that gap downs MUST be filled asap. It's weird but once a gap down appears you know the bulls will do EVERYTHING possible to close it.
That 34.30 level on Silver held again overnight....
ben22
What bailout rumor? First, Greece has to vote in additional austerity measures. Germany has thrown in the towel and prefers bond holder haircuts (which incidentally will be seen as a soft restructuring). S&P dropped Greece's rating to CCC which implies bonds holders may get back 30-50% of their investment. If everything was set to go then the ECB wouldn't be having emergency meetings for the next few days.
Someone should check the bank accounts of the CFTC members. Just sayin'...
Ha! I think thety should check their suitcases while they're at it...
Found my glasses finally... Right where I left them last... Amazing how that happens...
@Amen
The new Greece "BAILOUT" package involves MP's scurrying thru tunnels like Steve McQueen, Richard Attenboro, & James Garner...
I'm wondering if any Greek protesters have ever heard of Sarin gas...
@ben @Amen
Can either of you 'Jesuit' techies (use of 'Jesuit' not meant to imply sarcasm) tell me if that candle pattern on Cu constitutes a seemingly official hold confirmation of a H&S...
Because I'm wondering if I can start annoying you all with "nickels bitchez" posts again...
Ra,
who knows what the hell they were talking about, found that link you put up last night...interesting.
Regarding gaps, I think it's just that all the gaps down are either common area gaps or pattern gaps since 09 and therefore the should be closed up really quick, I keep thinking that once this big (C) wave down is finally here, and I'm starting to think that's a 2012 story, then it will have a breakaway or runaway gap down as part of the kick-off that is going to take a long long time to get closed.
...Found my glasses finally... Right where I left them last... Amazing how that happens...
Last time I spent an hour looking for my glasses...they were on top of my head. Next time I'm just gonna pass on smoking those brownies.
Hey... ZH is stealing CV's "get" from yesterday...
Was The Iraq War Merely A Smokescreen For "The Largest Theft Of [Taxpayer] Funds In National History"?
http://www.zerohedge.com/article/was-iraq-war-merely-smokescreen-largest-theft-taxpayer-funds-national-history
--CV yesterday--
http://traders-anonymous.blogspot.com/2011/06/morning-corner-61311.html?showComment=1307992650583#c135880672272860601
@ben
I'm not asking for a complicated answer on this one... But with regards to something at the end of yesterday's MORNING thread (after I'd left)...
The part where I was suggesting the possibility for an 'artificial' inflation to appear in a deflationary collapse...
Might THIS be some kind of mechanism for it?
http://www.zerohedge.com/article/exclusive-q1-bernanke-spurred-inflation-successfully-offsetting-ongoing-collapse-shadow-bank
---
As always... (and as you said)... We're REALLY in uncharted waters these days... and there are hardly any predictive models in existence...
So I'm just trying to keep my mind open in ways to be able to explain the unexplainable...
Mostly because the Krugman & Ritholtz neat little wrap-ups on things just don't ring very true in my ears...
Pretty nice looking daily candlestick set up on the S&P500.
At a meeting next week in Singapore, ICANN (the not-for-profit Internet Corporation for Assigned Names and Numbers) is expected to announce a new high-level regime for domain names.
In terms of status, opportunity and bragging rights, these new domain names will rank as far above the dot-com URLs as the dot-coms are today considered above the dot-nets and dot-infos of the online ‘burbs.
Concievably, goog can lay claim to nearly everything.
dot-silverbitchez...dot-sh!tsandgiggles...dot-etc.
http://business.financialpost.com/2011/06/13/welcome-to-the-dot-anything-age/
So, some 22 year old rich girl buying the Spelling mansion.
What's the over/under on the amount of 'blow' that gets done in that pad next year?
CV,
don't have a ton of time to look at that post but I guess once again color me as amused just based on the headline
QE1 was inflationary?....um, ok, just check the dates on QE1 and you can even use prices to measure inflation and let me know how it looks to you
Zero Hedge is apparently now moving slowly toward the lag time argument?, suppose that makes sense as their hyperinflation cries are a super fail
perhaps this summer they will grace us with a "soft-patch" thread or two, why stop at lag time.
mid day and we've got 83% up volume on NAZ and 84% on NYSE, but more new lows on NAZ than new highs by almost 2:1 ratio.
Not bearish by any means but outside the Morningstar pattern on the $SPX internals still appear more like moving out of an oversold level than indicating a much higher move to the upside.
Continue to watch cumulative A/D very closely keeping in mind the Cycle T paper I linked here about two or three weeks ago.
bi flation :-)
Corn limit down...
So is Goldman responsible for that move down if they were the ones causing the "food crisis?"
normally I'd blame GS, but in the case of corn limit down I'm probabyl going to pin this one on the Evil Kochs
If you're confused as to the actual facts, you can always pin it on "the rich".
I'm going with the notion that everybody has already been 'cornholed' enough... So there's an oversupply problem...
Supply & Demand 101
surely limit down corn is transitory though
there are plenty of "fat cats" that are getting hungry now.
"rational pessimism"
Andy,
I still think the expanding triangle could work out here though maybe the C wave is already over.
any general thoughts or have you ruled that out in favor of something else?
...I'm going with the notion that everybody has already been 'cornholed' enough:
I now have a female doc doing the regular backend exam...smaller hands.
The danger now...is liking it too much.
maybe it's one of those new crocodile algos...
The new "BUY" is "SELL"
ben:
Still trying to catch up on various things and get my TradeStation back.
I still like the triangle form from the Feb highs, but it's very difficult to know the exact form.
The fact that it bottomed into an a=c is interesting.
AT,
indeed, the A=C has been bugging me, especially with that little puke out that occured in ES after hours but never seen in cash.
If I use Neely's previous counts leading up to this though, I'd have to think if the C wave stopped there the E wave is going to be wild, perhaps that leads us into some sort of August/September low, but like you say, it's hard to say the form at this stage, suppose Almanac followers would generally be on board with that idea though.
Crocodile Algos?
do they sell those at LULU?
I'd like one in blue or red.
I'd highly suggest the red...
just catching up on recent events ...
Book of Mormon takes down a bunch Tony Awards...
I'm a Matt Stone/Trey Parker fanboy for sure. [Team America was the most prescient, greatest satire ever made]. Unfortunately going to cost me a bunch to see this show now....
http://latimesblogs.latimes.com/culturemonster/2011/06/book-of-mormon-sees-ticket-demand-surge-raises-prices.html
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