A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection.
Creditcane™: The Bears are learning how to finish the game.
SPXBearish long day (confirmed bearish harami - for once). Midpoint above EMA(10). Above all SMA's. Held above trend line (3/6/09-7/1/10). Holding well above the 38.2% minor retrace (1312.78). No daily 3LB changes (reversal is 1307.41). QE2infinity. Katy called earlier.
DXYBullish long day. Midpoint above EMA(10). Tested and held the 38.2% retrace (75.83). Held above SMA(89). Held its weekly 3LB mid. New high on daily 3LB (reversal is 74.79).
VIXBullish long day. Midpoint above EMA(10). Back above all SMA's (in one day). Blew through its 61.8% minor retrace (18.56). No daily 3LB changes (reversal is 21.32). Extradited back to the "no fear" zone.
GOLDBullish long day. Midpoint above EMA(10). Held its 0.0% retrace (1555.00). Above all SMA's. No daily 3LB changes (reversal is 1557.30). Holding above upper trend line. Must have the precious.
EURCHFBearish LONG day. Midpoint below EMA(10). Tested and failed its 0.0% retrace (1.1793). Tested and failed SMA(21). New low on daily 3LB (reversal is 1.2297).
JNKBearish long day. Midpoint below EMA(10). Failed SMA(233). Failed its 50.0% retrace (40.00). Back below trend line (2/5/10-2/12/10). No daily 3LB changes (reversal is 39.93).
10YR YIELDBearish short day (but a huge gap lower). Failing all SMA's. Midpoint below EMA(10). Failed its 38.2% minor retrace (29.56). Further below the upper trend line. No daily 3LB changes (reversal is 29.09).
WTIBearish short day (confirmed bearish engulfing). Failed SMA(21). Midpoint below EMA(10). Tested and failed its 61.8% minor retrace (95.58). No dally 3LB changes (reversal is 91.02).
SILVERBearish long day. Held SMA(21). Midpoint above EMA(10). Back below the upper trend line. Holding its 61.8% retrace (35.20). No daily 3LB changes (reversal is 37.88).
BKXBearish long day. Midpoint below EMA(10). Failing all SMA's. Failed its 38.2% minor retrace (47.20). No daily 3LB changes (reversal is 46.64).
HYG/LQDBearish LONG day. Now failing all SMA's. Midpoint below EMA(10). Tested and failed its 38.2% retrace (0.8206) and its 61.8% minor retrace (0.8135). Daily 3LB reversal down (reversal is 0.8332).
IT HAS BEGUN. BE WARNED.
Portugal - Italy - Greece - Spain
19 comments:
http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=7010
'kicks-in' @ ~0:50
'money-shot' @ 2:00
much to cv--'s, long-running, Point..
from Micheal Hudson.
ibid.
@Amen
great wrap... as always...
---
Portugal - Italy - Greece - Spain
the "other" white meat!
@AAIP
Interesting (7:08)...
Keep in mind one particular thing...
Frankly... I think if it were ME... I wouldn't be going after the ownership of prime land assets...
IOW - I think it's a 'losing' idea to think that the CdS holders want to own Mykonos or Venice harbor... (who knows - maybe they do - but notwithstanding - it's a LOSING idea)...
Nobody in their right mind should want to own or acquire, effectively, 'fortresses to defend...
Free access is OK... Fortification is a recipe for disaster...
General George Patton even said it himself... "Fortresses are a testimony to the stupidity of mankind"
---
Instead - what you want to own is a 'margin on the bottleneck of the distribution process' (which is - interestingly - a FLOW)...
In this case, warehouses full of pallets stacked with precious & industrial metals in downtown detroit & supertankers full of crude in Singapore harbor are of much greater importance
than some crappy island... Manhattan included...
Back from Sin City.
Tired and poorer...but feeling great.
Somethings are worth watching more than a few times...
http://www.youtube.com/watch?v=JOAJn8h6VAI
I'm a fan of soccer and I'm definitely a fan of this women's team. That was an unreal goal in it's own right. The fact it goes down in the 122nd minute of a World Cup QFinal made it an absurdly awesome goal.
from the other thread...
cv said...
@qqqq
Look at the takedown on gld & slv just moments before 11...
July 11, 2011 11:22 AM
oops, after the market closed, I unexpectedly bot 3(more) pamp's 1oz today from my fav gold guys (CA Numismatic)... $1581 each (from a called in order earlier)
funny thing, the 1st time I went there, maybe 10+ years ago, there was only 1 security guard. A few years ago there were 2 guards, now I counted 3 and another sitting in his cop car.
THX-AR and WB-AT
Ya kno... Y'all...
Just remember this... Because CV has been saying it FOR A YEAR NOW, not just tonite... (& of course unlike Ritholtz - who says it a year AFTER, but he has an excuse because he was sailing his yacht in East Egg harbor)...
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http://www.zerohedge.com/article/explanation-what-really-going-behind-scenes-rome-burns#comment-1446157
"Ah, yes, the Goldman proposal. However did we know we may end up precisely here. The problem with this proposal is that all bond buybacks at prices below par are, and always have been, considered by the rating agencies as immediate events of technical default. How this eliminates the ECB liquidity scramble bogeyman we have no idea. At this point we are absolutely certain that the only thing on the Eurozone and ECB's plate is to baffle everyone with steaming pile after pile of bullshit so unbelievable, that people are stunned for days, buying bankers valuable time to convert even more freshly printed paper into hard assets. In the meantime, there is no actual plan to deal with the problems of untenable debt, or at least not one that does not involve the outright monetization of debt and thus, the spurring of hyperinflation, which unfortunately is the last recourse to wipe out the tens of trillions in bad debts dispersed proratedly across Europe's insolvent banking system.
@Andy (9:12)
I don't want to be a 'parade rainer', but a few of us discussed that goal on Sunday...
Make no mistake... It was an awesome goal at an awesome moment... But in TOTAL context...
- Brazil melted down (aka 'choked')
- US was 'opportunistic' (which is laudable - so don't get me wrong)
---
To understand, you have to put the whole thing into a different context...
The goal was scored with, probably less than 20 seconds b4 the final whistle would have been blown...
So if it had NOT happened that way, & Brazil won... The US would have been analyzed as having played an 'uninspiring & lackluster' game (bolstered by the fact that the only other goal in their favor was an 'own goal', by Brazil)...
Please believe me, I'm not criticizing here... Only observing...
but the 'miracle in 20 seconds' instead, changed the opinion from BLAH to RAH in an instant...
I GIVE THEM CREdIT though... One of may favorite memes in sports is the idea of "hanging around"...
That's what CHAMPIONS sometimes do... They HANG AROUNd... & wait for you to beat yourself...
Credit to the USA women for that...
Sounding like Lagarde might be thinking of putting Greece out to pasture.
YM down 90, ES down 10, Au up 4.5, EURUSD down 0.54%, DXY up 0.43%, AUDJPY down 0.64%, EURJPY down 0.67%, Ag up 0.32%, WTI down 0.65%.
Thanks Christine.
It's been fun waking up each morning and taking a peek at SOVR on the terminal. Even more amusing was watching the Spain CDS outperform Italy, despite the mammoth twin deficits in Spain. The explanation given is the rollover coming due for Italy. Well, this is what you get when you have a monetary union without a political union.
@AmenRa (10:49)
Indeed...
---
http://www.youtube.com/watch?v=OlBifX0H3yg&feature=related
"With a very unpleasing, sneezing, wheezing,
The calliope crashed to the ground..."
---
"Some brimstone baritone
anti-cyclone...
rolling stone...
preacher from the east" (that would be CV)
"says dethrone the dictaphone
hit it in its funny bone...
cause that's where they expect it least"
---
"...and some new mown
chaperone
was standing in the corner...
watching the young girls dance
...and some fresh sown
moonstone
was messin with his frozen zone...
reminding him of romance"
---
"Scott with a slingshot
Finally found a tender spot
& throws his lover in the sand...
& some blooshot
forget-me-not
says daddy's within earshot save the buckshot
TURN UP THE BANd"
---
"Mama always taught me not to look into the eyes of the sun...
(but MAMA, that's where the 'fun' is)...
She got down, but she never got tight, she's gonna make it
Thru the night...
cv--,
@ 8:45 .. I was hearing speak of 'Ports', 'Toll Roads', 'Bridges' -- to your point of 'Flow(s)'...
and, at EOD, even those 'Detroit Warehouses' could be seen/described as 'Fortresses'..
It a matter of Degree, though, ultimately, One, or 'Something' is 'Somewhere', and that needs to be 'Defended'--right? "Possession is 9/10ths of the Law", no?
~~
@9:34
yes, no doubt, those 'Bankers' have been trading 'Dead Assets' for 'Cold Cash' for Years, now..
those existing CDS are a great gag--almost like the 'hostage-taker', wired with an 'explosive vest'.."One more move, and 'everybody' gets it.."
If there was, any, semblance of *Real Leadership--those CDS would have been diffused by '007, latest -- if, ever, allowed to be created, in the fashion that they were, in the first place..
AAIP
What bugs me is that I have a feeling futures will be close to unchanged by the open. Remember that this is opex week. An epic short squeeze might be coming. Anything to make the bears run away (like the bear did when it ran into The Thing in the forest).
PS: How delusional are these finance ministers (and the reporters who cover them). The idea that this is a "crisis of confidence" is spewing all over the news. There is a structural disparity between the growth rate of debt and the growth rate of income to service that debt. Surely they are not mistaking that with a psychological aberration? We already went through this in the United States four years ago and we determined the hard truth well into it when the central planners realized they couldn't lie the markets back into health.
Also shameful (and ignorant) is this idea of "contagion," which presupposes that there is not a problem with one country's balance sheet in the absence of trouble in another country. Of course, we also went through this with subprime in the United States. It turned out that, in fact, subprime did not cause "higher quality" debt to blow up; rather, the higher quality debt had the same structural problems as the subprime. "Contagion," in the context of a central planner, should always be translated as "two separate things having the same structural faults."
See, the Europeans are about four years behind us in double-speak. They are so far behind (and ignorant about it), we could probably pass off Michael Jackson albums as new and make a tidy profit on a rising star.
Anecdotes from Vegas:
The place seemed pretty busy...even on Sunday, things seemed bustling enough. It's always tough to tell how 'real' it all is as it's impossible to know what they're doing to keep the peeps coming...i.e. how much are rooms getting discounted, etc.
We did go play at the Cosmopolitan...the 'brand new' trendy place on the strip. Let me just say this....that place was "off the hook" crazy. It was really a gorgeous hotel and casino....with plenty of gorgeous people rolling around. I'll be staying there next time I go to LV.
The one sign of 'slowness' was Sunday night when 8 of us went to Michael Mina's restaurant at the Bellagio. He's got a michelin star for that place...it's pretty ourstanding and he's a "popular" chef right now... BUT, the place was friggin' EMPTY. Perhaps it was because it was a Sunday night, but I was surprised at how empty it was ...
BTW, it was outstanding. Though, I suppose at ~200/person it better be outstanding.
"It turned out that, in fact, subprime did not cause "higher quality" debt to blow up; rather, the higher quality debt had the same structural problems as the subprime."
BINGO!
Good stuff that, 122nd minute goal.
But looks like a clean mistake by the Brazilian defender No. 3 loitering all alone beyond the defence line. In Men's soccer, most probably, they would have had a simple offside there. Not trying to be a chauvinist here though. :-)
Prashant
Seems like James Harrison has a problem with Goodell:
"NEW YORK (AP) -- Heavily fined Pittsburgh Steelers linebacker James Harrison calls NFL Commissioner Roger Goodell a "crook" and a "devil," among other insults, in a magazine article.
The 2008 AP Defensive Player of the Year hasn't been shy about ripping the league after he was docked $100,000 for illegal hits last season. In the August issue of Men's Journal, his rants against Goodell reach another level of wrath.
"If that man was on fire and I had to piss to put him out, I wouldn't do it," Harrison told the magazine. "I hate him and will never respect him."
His other descriptions of the commissioner include an anti-gay slur, "stupid," "puppet" and "dictator."
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