ATHENS (weekly info)-no change (below mid)
trend=down
low= 1252.38
rev= 1356.24; mid= 1304.31
This move higher doesn't look too promising. Ok, so Greece had a successful vote of confidence. Note the first three letters: CON. Next week they'll have a successful vote on austerity. But remember it's not what you say, it's what you do. So don't expect anything to be implemented. The index is still trading below all of the SMA's, the weekly 3LB mid and the monthly 3LB mid.
EEM (weekly info)WEEKLY CONFIRMATION new low 45.79
trend=no
direction=down (2 bars)
low= 45.79
rev= 50.17; mid= 47.98
Emerging markets will be struggling to stay above its monthly 3LB reversal this week and next. It's below the SMA(21) and the second trend line (5/21/10-2/25/11). So far this week is making a bullish piercing but last weeks candle wasn't long enough (for me). A break below the March 2011 low of 44.25 could turn into free fall.
EMB (weekly info)-no change (below mid)
trend=up
high= 109.04
rev= 107.72; mid= 108.38
EMB appears to be holding up better than EEM. It's above all of the SMA's. It's back above its weekly 3LB mid. Also well above its monthly 3LB mid. Odd. I guess the bond traders think all will be fine after the smoke and mirrors.
43 comments:
"Ok, so Greece had a successful vote of confidence. Note the first three letters: CON. Next week they'll have a successful vote on austerity"
---
I wonder how many 'bitcoins' of austerity they're planning on pushing thru...
Steven Spielberg Involved in 'Transformers' Enough to Reportedly Order Megan Fox's Firing
http://blog.movies.yahoo.com/blog/1603-apparently-steven-spielberg-is-involved-in-transformers-after-all?nc
Note to Megan Fox:
If you ever get to blogging & find yourself over at Ritzy's Flying Circus, you'd better not make the same type of mistake, or you'll never get the honor of tossing ideas around with Franklin411 & dedude... Which would be a real pity...
http://i835.photobucket.com/albums/zz280/dizzydreamer_photo/megan-fox-02.jpg
SHIBOR: http://www.bloomberg.com/news/2011-06-22/money-market-rate-in-china-advances-to-three-year-high-as-banks-hoard-cash.html
China Money Rate Reaches Three-Year High as Bill Sale Suspended
China’s money-market rate climbed to the highest level in more than three years as a worsening cash crunch prompted the central bank to suspend a bill sale.
The seven-day repurchase rate, which measures interbank funding availability, has more than doubled since June 14, when the People’s Bank of China ordered lenders to set aside more money as reserves for a sixth time this year. The central bank suspended a sale of bills tomorrow, according to a statement on its website today.
“Banks have to hoard cash to meet the regulator’s capital or loan-to-deposit requirements by the end of every quarter,” said Liu Junyu, a bond analyst at China Merchants Bank Co., the nation’s sixth-largest lender. “So we won’t see the shortage easing.”
BinT
SHIBOR and the problems from its rise continues:
http://www.zerohedge.com/article/chinese-interbank-liquidity-freeze-continues-third-day-will-persist-inflation-expected-rise-
Chinese Interbank Liquidity Freeze Continues For Third Day, Will Persist As Inflation Expected To Rise Over 5.5%
http://www.zerohedge.com/article/china-will-suspend-open-market-operations-tomorrow-response-liquidity-freeze
China Will Suspend Open Market Operations Tomorrow In Response To Liquidity Freeze
No f'in way: http://www.zerohedge.com/article/americas-latest-proposal-deal-its-insolvency-and-pursue-stealth-dollar-devaluation-change-cp
America's Latest Proposal To Deal With Its Insolvency And Pursue Stealth Dollar Devaluation: Change The CPI
John Williams is probably having a conniption fit right about now. When all else fails...lie.
the PROC 'miracle' showing some 'stress fractures', no?
AmenRa,
sweet work, per usual, on the Chartage~
AAIP
AAIP
Guess China loading up on bonds from Greece, Spain, Italy or Portugal just got nixed.
FHFA HPI has been delayed. They might be calling TPTB giving them a heads up.
@Amen
"No f'in way:"
WAY!
http://www.youtube.com/watch?v=yuedqjPFAl8
---
AnyWAY... Can't see why anyone should be so shocked about this... This practice has been going on since pre-biblical times...
Of course, it's these practices that are behind the motivation for CV to always be telling everyone to stock up as much as possible on physical goods that can be stored...
It's one of the only true ways of not letting the corrupt system beat you...
Better plan to not let the system beat you will be published in 5...4...3...2...
@Andy T,
I see a lot of nested 1-2 i-ii business somewhere.....take a guess, typically being used by the same people saying it will pay to trade the head and shoulders it will form as you pointed out
lol......
I'm still long the 132 SPY calls, July expy, nice gain at this point
Gold trading above its all time closing high...
http://online.wsj.com/article/SB10001424052702304657804576401471860518598.html?mod=WSJ_Banking_leftHeadlines
Germany Gathers Bankers for Greek Aid Talks
By WILLIAM LAUNDER
FRANKFURT—A plan to extend Greek bond maturities with the support of private-sector creditors gained momentum Wednesday as the German finance ministry, banking sources and a major financial industry lobby said they were initiating talks on how to carry out a voluntary rollover on Greek debt.
The German Finance Ministry was to host a meeting with major German banks and insurers like Deutsche Bank AG, Commerzbank AG and Allianz SE Wednesday to discuss how a voluntary debt rollover by bondholders could shape up, several banking sources familiar with the matter said, adding that a plan wouldn't be finalized Wednesday.
con't
Major European banks, insurers and institutional investors are also holding talks with credit-ratings agencies, who could still derail the plan if they decide it qualifies as a default scenario.
A so-called "credit event", or default, declared by the ratings agencies would cut off Greek banks from vital European Central Bank funding and spark a local banking crisis with spillover effect for broader financial markets.
Fitch Ratings warned again Tuesday that even a voluntary extension on debt maturities could qualify as a default scenario for Greece.
But economists and bank analysts expect it is still possible to reach an agreement with the ratings agencies that avoids triggering a default. "We assume that there is some room for maneuver for a compromise," BNP Paribas economists wrote Wednesday in a research report.
FOMC Statement: SSDD.
FOMC Statement: "TSSDD"
T = 'Transitory'... There fixed it
+ more 'sophisticated' ways of calculating CPI in 3r world countries (like the USSA)...
This has to be the most uninspiring market post FOMC I've seen in a long time. Normally it's volatile for 30 min. Look, in so may words BB has said "There will be no QE3!". I'm still waiting for the market to realize that and adjust accordingly.
Energy markets very slow today....
The "summer" blues definitely taking over. Not much volumes getting done in the OTC markets...
rbob cracks rocking, but not much excitement over anything else.
Look, in so may words BB has said "There will be no QE3!.
---
Subprime is contained
CV
Point taken lol.
today... sector outperformers...
Gold & Silver +2.01%
Oil Service +1.61%
Homebuilders +1.21%
wtf!? homebuilders?
~ POLL ~
Are you better or worse off from when Prez O took office?
33% Better
44% Worse
That poll question is way too generic right?
Lets say that since the O man took over you became a millionaire several times over and were also diagnosed with terminal cancer?
How do you answer?
bot SPXU calls today, why the hell not?
B22, agree... was listening to "fox news" during a drive today when I heard it.
What month Q's? on the calls....
Farmers, you paying attention?
http://www.gpo.gov/fdsys/pkg/DCPD-201100431/pdf/DCPD-201100431.pdf
Section 1. Policy. Sixteen percent of the American population lives in rural counties. Strong, sustainable rural communities are essential to winning the future and ensuring American competitiveness in the years ahead. These communities supply our food, fiber, and energy, safeguard our natural resources, and are essential in the development of science and innovation. Though rural communities face numerous challenges, they also present enormous economic potential. The Federal Government has an important role to play in order to expand access to the capital necessary for economic growth, promote innovation, improve access to health care and education, and expand outdoor recreational activities on public lands.
“The Council shall work across executive departments, agencies, and offices to coordinate development of policy recommendations to promote economic prosperity and quality of life in rural America, and shall coordinate my Administration’s engagement with rural communities.”
Alert:
It rained in Houston finally. It was a real, legitimate rain....'long and hard.'
I almost shed a tear ....
Seriously, it had been several months since I can remember a real rain. Was getting a little scary.
I hope they put in a part about all the potholes there are to fill, even in those rural areas
"there are lots of potholes out there"
P. Krugman
the "other" white beard
Sep, I wanted some time because...
lower GDP
with higher inflation
and higher unemployment
= market rally
oh, and here is the list of who is on that council, these folks all know what is best for rural America, and I suppose this list make sense as most of these folks aren't doing their own job they clearly have time for another one:
the Department of the Treasury; Timothy Geithner
the Department of Defense; Robert Gates
the Department of Justice; Eric Holder
the Department of the Interior; Ken Salazar
the Department of Commerce; Gary Locke
the Department of Labor; Hilda Solis
the Department of Health and Human Services; Kathleen Sebelius
the Department of Housing and Urban Development; Shaun Donovan
the Department of Transportation; Ray LaHood
the Department of Energy; Dr. Steven Chu
the Department of Education; Arne Duncan
the Department of Veterans Affairs; Eric Shinseki
the Department of Homeland Security; Janet Napolitano
the Environmental Protection Agency; Lisa Jackson
the Federal Communications Commission; Michael Copps
the Office of Management and Budget; Peter Orszag
the Office of Science and Technology Policy; John Holdren
the Office of National Drug Control Policy; R. Gil Kerlikowske
the Council of Economic Advisers; Austan Goolsbee
the Domestic Policy Council; Melody Barnes (former VP at Center for American Progress)
the National Economic Council; Gene B. Sperling
the Small Business Administration; Karen Mills
the Council on Environmental Quality; Nancy Sutley
the White House Office of Public Engagement and Intergovernmental Affairs; Valerie Jarrett
the White House Office of Cabinet Affairs; and such other executive branch departments, agencies, and offices as the President or Secretary of Agriculture may, from time to time, designate. Chris Lu (or virtually anyone to be designated by the 24 people named above).
these but the volume on etrade was quite a bit more. paid $1.05
Aaaaaaand, I have no idea why i'm still holding my TBT SEP calls, maybe lefty knows why?
good luck Q's
I think I'll be short heading into that period as well if the market plays as I expect it to, I'm with AT thinking we'll see 1220 before the real move up.
whoa, I'm so used to looking at volume and open interest on the SPY, not much being pushed around on the SPXU
That's thin like Nicole Ritchie.
AmenRa:
Sorry I am just now getting to your note...a fairly malicious viris, much of the day getting rid of it.
I think the Chinese are NOT afraid to put the country into a short recession. They are still going to do well, as there will be no significant reordering of manufacturing.
B22, I usually use another vehicle to trade for shorter term trades for that reason. I know Karen told me a few times to use UPRO or SPXU but when I did it seemed the bid/ask was goofy at times.
Major 18's
...1456
1375
...1244
1112
if we close below 1244 then we shouldn't see 1375 again this year and Major 18's trend will have turned down.
Q's,
for me, when I have time to sit in front of the screen, I'd chose an option or a futures contract over a leveraged ETF 100 times out of 100
I had these as of last night for my projected 33 day rally from the recent lows:
Primary and Secondary targets in order
1304.25 or 1311.82
1318.83 or 1326.4
1333.17 or 1340.74
Also, I think a case can be made that maybe the morningstar was not a total failure, there is a case study in the Nison book about giving some leeway to the pattern and it looks very similar to what just played on in the S&P.
also think it's important that the 1291 hold today, a close just below wouldn't freak me out to much, a close above would be much better though
Minor 18's and 1/2's
...1305
1296
...1287
1278
...1269
1260
...1251
1242
B22, never traded futures, traded stocks for many years, then options, that's it!
Why did you pick 33 days?
Barney Frank and Ron Paul Introduce Legislation to make Marijuana legal
"Why did you pick 33 days?"
Just based on the length of time of the B wave, which I count as 33 days, if I'm on the right wave count. D will be smaller in price but maybe equal in time, probably should have said that'd be the maximum time I'd think to see.
so much for the 1291 pivot holding, I see the 1287 is a minor 18 though, that's interesting.
there is a presentation being done by MTA soon, I didn't see what it was about but I glanced and saw something about "the power of 9" and right away thought of the 18's...
I'll report back if it's anything interesting.
Weed should be legal, it's stupid that it's not
alcohol is far more dangerous imo
Barney Frank and Ron Paul.....talk about the odd couple
http://www.bloomberg.com/news/2011-06-22/u-s-postal-service-will-suspend-contributions-into-employee-pension-fund.html
"The Postal Service reported a loss of $8.5 billion in its 2010 fiscal year. It also reported a widening second-quarter loss, to $2.6 billion, on declining volumes of first-class mail.
The service will continue to transmit employee contributions to the pension fund and will make payments to the Thrift Savings Plan, a defined-contribution federal retirement plan, Chief Human Resources Officer Anthony Vegliante said in the statement.
“The Congress and the administration have left the Postal Service with no other choice,” said Gene Del Polito, head of the Association for Postal Commerce, an Alexandria, Virginia- based group that represents postal customers. “The money’s not there, and they can’t get any more from customers that already are fleeing the mail.”
...A yellow bird in an energy excavation facility...
Libertarian concepts catching up to the mainstream with the MJ prohibition repeal...
This is the first smart thing I've seen Congress introduce in a long, long, long time.
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