WTI (weekly info)WEEKLY CONFIRMATION new low 93.40
trend=no
direction=down (2 bars)
low= 93.40
rev= 114.86; mid= 104.13
This move in WTI appears to be accelerating downwards. It's now below all SMA's. Last week also closed below the monthly 3LB mid. This weeks candle is currently forming a bullish thrusting which means the down move should continue. If the week forms a bullish piercing then the move down might be ready to reverse.
COPPER (weekly info)-no change (below mid)
trend=no
direction=down (2 bars)
low= 3.976
rev= 4.615; mid= 4.296
Copper (as a proxy for the worlds economy) is weak. It's below its 23.6% retrace. It's below its SMA(21). It's also below its monthly 3LB mid. For the last four weeks each week has been making a lower low.
AAPL (weekly info)new low 320.26
trend=down
low= 320.26
rev= 330.67; mid= 325.47
Apple the darling of hedge funds everywhere is having problems. How soon before they start selling? It's below its SMA(21). It's now below the trend line (1/29/10-8/27/10). It tested the monthly 3LB reversal (and its only Monday). Hmmm maybe the iCloud wasn't the fruit Apple investors were looking for.
48 comments:
although the Greek vote is today, I haven't seen any pre-election tally on which way it will go....I wonder if GS has already polled and profited...
Article at marketwatch (no, really): http://www.marketwatch.com/story/dow-20000-next-its-pure-speculative-hype-2011-06-21?pagenumber=1
Dow 20,000 next? It’s pure speculative hype
Irrational exuberance is back but you are going to lose again
Best Buy will do a $5B stock buyback (basically the customer isn't buying so we have to prop up the price another way).
HSKAX (the Quants) is trading below its weekly 3LB mid and SMA(21). So the market neutrals appear to be having problems again.
cv--
from the other thread..
you were talking about my having 'Couth'..
I was thinking, "'Couth?' wtf? He must have confused me with some other Cowboy.."
and, like that..~
AAIP
Take a look at the volume on ES. The last few days have seen decreasing volume as the market advances. Funny shit I tell you. Nothing but smoke and mirrors.
Nice move today....
Trucking back to that 1295 resistance level...like a moth to the flame.
I'm guessing it faces a hurdle there today....
No TICK readings over 1000 either.
After the close under the SMA(21) on 6/1/11 yesterday was the 13th day trading beneath it. It's now or never for the bulls.
AT, 1295? you mean 1296 don'tcha? (just kid'n)
If I was a trader I would've followed my gut feeling and went long yesterday, as said... grrr
AR, dow 20K... lol, this peeps in this country won't even spend the extra $6K-$10K for electric cars, much less have money to invest, like they did in the roaring 90's.
Just heard Michelle Carusa Cabrera say that the Greeks were going to hit the streets and protest...but it was a little "too hot."
Not really raging that bad....
Think the Drachma makes a come back in the next 12 months...
maybe coal (KOL) found it's bottom.
oil and grease
Refined copper imports by China, the biggest user, are estimated to fall 32% this year from 2010, according to metals researcher Beijing Antaike Information Development Co. "We have cut our forecast from 2.4 million tons made at the beginning of this year to 2 million tons," said Antaike copper analyst Li Yusheng in a phone interview. "We think the destocking will continue." "Imports failed to climb up in a pickup of seasonal demand in April and May, and this isn't a good sign," Li said. "We think inventories at bonded and exchange warehouses can be further tapped to meet demand in the fall." Stockpiles at the bonded warehouse in Shanghai have fallen to around 400,000 tons from as much as 600,000 tons two months ago, while the historical average was around 200,000 tons, according to Li. Imports of refined copper fell 29% from a year ago to 756,199 tons in the first four months this year, customs data showed.
@AAIP (11:05)
ror... Ok, then I'll dumb it down (& put it this way)...
Compared to CV... Practically ANYONE has 'couth'...
That oughta put you in the ballpark somewhere, right? :-)
STOCKS bitchez! (ror)
in case you're not "feeling it"... yet
INFLATION
2010-NOV-1.14
2010-DEC-1.50
2011-JAN-1.63
2011-FEB-2.11
2011-MAR-2.68
2011-APR-3.16
2011-MAY-3.57
Agreed on the drachma.
Hope nobody left their balls exposed to Cold Steel™ today.
I see Ritzy covered his shots yesterday. Wise decision.
We are long equities and a bit of junk. Mainly Japan and US divvys.
We are still short the long bond.
If/when we short again, it will be China.
Long DMs, short EMs has been a good pairs trade all year.
We are not wildly bullish but this is no time to be short.
@Andy (11:33)
I'm thinking that if the Greek SWAT teams need protection against the swarming protesters...
They might think to use MCC's "funbags" as a shield...
INFLATION
It's transitory, bitch!
Anyone see this: http://kiddynamitesworld.com/the-sino-forest-saga-gets-stranger-or-not/
A hoax. False story planted about the SEC and Muddy Waters. I guess someone is really pissed off about what happened to Sino-Forest stock price.
Funbags, OMG !
@LB (12:10)
Oh boy... Here come the new generation of "drachma queens"...
LOL... Professor: Prostitution website was just a hobby
Roseman said Flory told police he did not make money off of the website and saw it as a hobby, just "a safe place for guys to find female prostitutes."
@ben22
further on potential "RETURN OF drachma"...
Let's not forget that it was a SILVER COIN...
http://www.britannica.com/EBchecked/topic/170662/drachma
So... Prechter have anything to say about that, 'socioeconomic' wise???
@The Wizard (12:11)
"TRANSITORY sophisticated diets in 3rd world countries bitchez!"
This kin of summarizes the story here...
"In time, silver coins of one drachma and its multiples were debased, and progressively higher proportions of copper were admixed. The drachma also became the prototype of an Islamic coin—the dirham. Nevertheless, as foreign invaders gained control in Greece, the drachma disappeared from use."
BITCOINS & JETPACKS bitchez!
@EEG (12:12)
"Funbags, OMG !"
---
That would be... "LIKE OMG... Funbags, LIKE OMG!" to you sweetheart...
I kno, right?
SHIBOR, bitchez.... and Bruce:
http://seekingalpha.com/article/275637-the-risk-of-china-s-black-box-economy?source=yahoo
PK SPX, ya know ya wanna bust a move above 1296... I dare ya!
oops... "OK SPX" shoulda been
ES from 99ercharts
CV,
been driving all over philly mostly today.
EWI seems to be really quiet on the Greece front but I don't get any of their international stuff so not really sure what they are saying right now.
They did a huge case study maybe a year or two saying Greece was going to implode which might sound pretty compelling but we should keep in mind that's pretty much their forecast everywhere now through 2016.
On another note, I did find this hilarious:
"Just heard Michelle Carusa Cabrera say that the Greeks were going to hit the streets and protest...but it was a little "too hot."
Excuse me for laughing at the Greeks......too hot, you've got to be kidding me, surely Hector is spinning in his grave.
@Q's
I'm still contemplating the 'A 1000 Miles From Nowhere' tune...
Here's all I've come up with...
The statement predisposes, at minimum, two separate points on an either 'two' or 'three' dimensional scale (measureable)...
I'd add that other dimensions could be involved (but the 'conceptual' images of those dimensions escape me at the moment)...
That is... UNLESS one can wrap their melon aroun the notion that...
If you peer thru an INFINITELY powerful telescope... U kno what you're likely to see???
Answer: The back of your head (only - the head of yours that you' bee seeing, was your head 30 years ago)...
Which, of couse, begs the question...
In this moment... Are you NOWHERE??? Or, 1000 miles 'from' NOWHERE...
Maybe the answer is somewhere contained in those charts...
Came back from lunch today to my building....the doors were open and the elevators were out of commission. I walked up the stairs and it smelled like smoke everywhere.
Our otherwise touchpad locked door was open. I walked in an my boss said: "Everything blew up. Huge power surge. Killed most of our computers and the server."
There was an IT guy there looking at everything. It's amazing how much some businesses depend on computers....we were toast this afternoon.
Then, we heard a massive explosion. A transformer blew up. Lost our power for good.
No A/C. No Power. No computers. Was an early day.
@ben (3:50)
Hector is the f***ing MAN!
---
dude... YOU are a modern day HECTOR... I say that because I see you as someone who wants 'WHAT'S RIGHT' (& is furthermore highly skilled & honorable)...
CV... Tragically... Is more like Achilles... A great warrior, but I have utter distain for kings & princes...
It won't end well for CV (but I WILL go out on my own terms)...
---
On EWI... That was just a funny anecote (on drachma)...
The most relevant thing I've come to grips with on EWI (&Prechter), is 'socioeconomics'...
It's fascinating... no doubt
CV,
thanks for the compliments man, and I knew you'd take the Brad Pitt role.....lol.
I'd be ashamed though as a Greek citizen to be postponing my demonstration against ignorance because of the friggen heat.....c'mon man!
that is weaker than weak
AT,
wow, crazy day it sounds like, expensive too
not much you can do in markets when you've got no computer
hope you aren't Greek, without the AC surely you'll melt, how could people ever do without it....
Andy
Go to open outcry....
without the AC surely you'll melt, how could people ever do without it....
Ice.
Fans.
Cold showers.
Exercise before sleeping.
@Andy (3:55)
Bummer...
I guess when we're all transacting with BITCOINS, none of that will be a problem when, on the drive back to your house, you need 2 stop at a gas station MINI MART, fill up, & buy a Hawaiian Punch...
Or am I overreacting to the mini-crisis?
CV,
I said I thought here maybe 6 or 7 months ago that I sort of read the EW Theorist now for the thought excersize, they have turned so extremely dark that they even bother me now. I don't take their charts too serious though for almost two years now, I just think they are wrong, but those theorist letters are jam packed full of good information every time.
As for socionomics, thats the work that squad is doing that I think will truly have a big impact on the world in the next couple of decades, I'm blown away over and over again about the stuff they put out, it is truly fascinating.
They just did a huge 40 page socionomic paper on Sugar, I haven't read it yet but very much looking forward to it.
@Anon (4:08)
Well... now that it seems that karen has been eaten by a shark...
We're ALL taking cold showers these days...
RECESSION times are tough!
Did you all see this?
http://dealbreaker.com/2011/06/john-paulson-done-with-sino-forest/
I think based on public documents he might have lost 500 million or more on this? That'll leave a mark.
Ok, look, color me skeptical of this guy then, I really wonder if he was handed that short by Goldman on subrpime because prior to it nobody really knew who he was nor, as I'm to understand it, was his track record supreme. It seems the dealings around his position were maybe not illegal, they seem, shady I'll say.
I have this idea that anyone that was smart enough to do all the due diligence needed to hit that subrpime trade, which btw, was THE trade of the last several decades at minimum it would seem, then how could they get involved with a company that isn't even real. Lots of people that saw the bubble never even came close to figuring out that trade and how to short the traches of trash these places had.
Maybe they are just so huge now that it slipped through the cracks, but something tells me that Michael Burry or some of the other subprime stars (Kyle Bass) wouldn't have found themselves in SNOFF, among other holdings in the JP funds.
something just doesn't seem right
then again, who am I to question when he made 2.1 billion in income......last year.
@ben
+2.618 on "SOCIOECONOMICS"...
It's truly one of the more fascinating concepts that I've ever come across (& I'm not afraid to be more specific on that)...
The reason I like it is that there's a degree of 'feel' to it... Meaning: you either see it happening aroun you, witness it, or you don't...
I happen to operate that way, thus the appeal...
I'm also a big believer in:
- CYCLES
- RATIOS (geometric & architectural)
Greece?
I don't know... All I kno is that I lived on the land isthmus right beside them for a dozen years... The 'peeps' ain't too different on either sie of the Adriatic...
So if they say "it's too hot"...
I understand...
CV, LOL, I'm not a psychiatrist and really can't figure out in my mind why this song made me think of you zipping down the interstate @ 80mph... but here goes...
You've traveled the world and now you seemed to be settled down, feeling content where you're at and what you're doing now, hence you don't have anyplace you want to be. Maybe at times, you feel you're distanced from many that don't view your thoughts/predictions. And with your deep thought personality, you seemed to feel you're 1000 miles from nowhere if others have opposing opinions, or don't see your logic at times.
Oh, and those echoes in your head, they're normal, I hear them all the time also... That'll be $35 for my card reading :)
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