BAC (weekly info)new low 10.00
trend=down
low= 10.00
rev= 10.80; mid= 10.40
Even though earnings were BTE, the stock price continued to fall. Might have had something to do with Paulson selling his stake. This week is trying to form a bullish piercing. It's below all SMA's and the monthly 3LB mid.
DXY (weekly info)-no change (above mid)
trend=no
direction=up (1 bar)
high= 75.76
rev= 72.93; mid= 74.35
The strength in the dollar has dissipated. It's now below all SMA's. It's below its 38.2% minor retrace (75.10). It's also below its weekly 3LB mid. I wonder if the EURUSD and DXY can go down together?
18 comments:
A President Once said:
"There is nothing wrong with America that cannot be cured with what is right in America."
William Jefferson Clinton
---
Same President said:
'That depends on what the definition of the word "is" is'
AR,
the DXY is ~57% Euro weighted, yes?
Euro and DXY going Down, together, for any stretch of Time, would be a good Trick, no?
~~
also, nice chartage/wrappage~
AAIP
Received calls from two of my friends that are Govt employees(FAA project engineers), they were told to stop working on the projects they're on, pack up and drive home. I asked them if they're going to their main office to do nothing like the last furlough scare a couple of years ago, they said "no". They're going home, without pay and no other instructions were given.
One of them is heavily short (on margin) SPX from 2 or 3 weeks ago.
@Q's
The 'boss' of the FAA was on CNN this morning evidently giving the big sob story to the lib reporters how this was an outrage, an how this debt ceiling needed to get raised pronto so these 'hard working people' (his words) could get the paychecks they needed to feed their families...
I was at the bank changing a $20 for nickles when I saw the TV (don't normally watch CNN)...
Anyway - then I'm riving back home & passed 3 construction sites... THREE... One had about 8 workers, another about 5, an a third about 20...
No joke here... That's 33 'hard workers' (every single fucking one of them were either drinking a cup of coffee, talking on a cell phone, or smoking a cigarette)...
Fuck... I'd have gotten out of the truck, picked up a shovel, & done their job for them at half pay right then & there...
cv, I hear ya, I see that all of the time.
These laid-off employees are on the other side of the FAA. They actually work, well, most do. When working, they're the ones that are responsible for the new construction/installations on projects. They're my point of contact that tell me the schedule and then I have to make sure my crew gets the job done correctly and in time. (sometimes I'm a crew of one!)
LOL, that almost never happens but that's another story. But, I do on occasion work with the on-site FAA and yes, they do have ALOT of free time. Did you know most new hires, on the maintenance side, go to school for about 2 years before they even start to repair equipment. As for the controllers, sheesh, they control aircraft about 4 hours each day they work, the rest of the time is spent training, paperwork/computer and whatever. AT-Air Traffic (controllers) has all the money, AF-Airways Facilities (maintenance) have small budgets and have to beg for money.
CV
In my hood, those "hard workers" are invisible....and getting smarter every day. Eight pieces of heavy, but unattended equipment surrounding a hole in the ground are the norm. They now bring a plush air conditioned RV to the site...so they can enjoy the coffee and cigarettes and afternoon naps in undisturbed comfort. It now takes 8 days to do a 3 day job.
On another note, I've managed to grace a pissoir in nearly every burg and barn in 49 states. It should come as no surprise that I had to top off a 3k roll of benjamins daily for no other reason than assorted Teamster and Iatse palm greasing. Double time for basic tasks...like driving a fork lift...insufficient to get the job done. Not to mention the union clowns working for the bent noses in places like Boston, Philly, Long Island... (with the magnificent guitar collections)... who had a tendency to steal whatever wasn't nailed down.
These days, damping down cynicism seems to be my biggest daily chore.
CSII looking good and breaking out
anyone else that got on board for the cup and handle?
@Ben
Not to sound like a perpetual drunk or anything...but its Friday aft. and summer in the city. My cup'n'handle contains a double shot of espresso and a splash of Martel...although I can appreciate a passion for the gig.
Mel,
that sounds like a good time to me, I had a rough weekend last with the frou frou's, ate too much perch while I was doing them and uh.....well, I saw those sprials CV was talking about, so nothing for me this weekend
it's insanely hot here today, took a drive to get a sandwich down the street and the temp in the car was 117
so a cup of ice doesn't sound too bad about now
@ben
If you didn't read the 'tail' comment (from last night)... It's there...
Anyway... What I really want to say is...
I respect your opinion on the "fed makes a difference or doesn't mean jack" issue... We have differing opinions on it fer sure...
I'm always gonna be snarky with my approach to arguments & as I've said before... I like the fact that you're kind of the same...
Anyway... Just wanted to say that so nobody around here gets confused, or thinks were really bickering...
CV
@q's
So now... I got back in the truck... This time on a mission to Home depot & to pick up some beer...
different route (so I didn't pass by 3 construction sites - only ONE of the previous)...
Anyway... It was the ONE that had 20 some workers [I should say, coffee drinkers, texters, shootin the shitters]... THIS time, the crew was reduced down to about 6 'workers'...
Fuck me, if they were all not just staning around again with their thumbs up their asses...
And listen... Because of my story this morning, I REALLY looked hard over the entire site... I almost friggin crashed my truck I was rubbernecking so hard... Not flippin ONE doing anything...
Yeah people... I just make this shit up...
I'm going to sign off right now so I can sit in a corner and make some more shit up...
Bye...
@Mel (2:21)
Ouch... U know... espite my rants & raves, I'm not really all that pissed off...
Kno who I REALLY get pissed off at??? The friggin FLIPS on these blogs who are so friggin amused by their own private idaho notions of political correctness & protol, that they fail to see the springwerks of the world around them...
I mean... It's one thing to be lazy (that's almost excuseable)... But to be IGNORANT & in denial (moreover 'accusatory')...
Hard for CV to swallow that blue pill...
CV,
I saw, just didnt' think it was so important to respond to....who cares about Prechter right now really....he's just doing the same old thing. I'm a big fan of course but there has to come a time when a real trader looks for..... trades
I do hope when you say every few days "but the fed has nothing to do with anything" that this isn't directed toward me because I never said anything of the sort, nor have I ever heard anyone make that claim.
my view on the Fed is really quite simple the Fed can't control the trend, the trend is hundreds of millions of people interacting. The obsession with the Fed since 1987 is completely insane to me, but that's just part of the rationalization process peole like to do so they don't have to perform any rational thought, most folks prefer emotion over that, it's why so many peole follow the news to determine their investments. the Fed votes only to change its own rates and it has always followed the rates set by the market. In the wave analysts mind central bank action is never really unexpected because it is the basic product of social mood. Others continue to claim that the Fed does all by their grand design, they are the true masters of the universe. Our view is that central bankers hope and panic and make rash descisions the same way the public does. That people continue to claim the Fed is by design given all the mistakes from Greenspan and now the beard is really amazing to me.
Certainly the Fed has great power, they can offer unlimited credit, but they can't ever create liquidity because they can't force businesses and people to lend and borrow. Now this statement would have made sense to people in early 09, because unlimited credit created 0 liquidity, but of course, the recency effect of QE2 has people convinced otherwise.....for a time at least.
In the end, people can, and will do what they want, I'll continue to watch the market....it LEADS the Fed.
@ben
Well articulated...
My rebuttal???
It's a TANGO... The 'market' having the whompin ass size 16 shoe in the dance...
But ironically sometimes 'softfooted'... How & why?... because the MARKET used to be 'folks' (just as the US ECONOMY used to be 'folks', & now mainly it's the big footed government & its cheerleaders like Ritzy & Thor)...
Now (the arena) has been whittled down to mostly the criminals vs. the criminals... I said 'mostly' there...
& the fact is... the criminals we speak of, are more beholden to the fed than in any generations past...
Ready to crack open a bottle of Grand Mariner after this insane trading week...
cv, got a "fuck me" also today. Boss called, they need someone for 2 days south of Houston, north of Brownsville (near San Diego, yeh, I said what? also, San Diego TX??). I'd have to drive my car next Mon, Tue, Wed and work Thur, week after work Mon, drive home last 3 days. I turned it down. Now why in the hell would I put 3000+ miles on my car (i don't care if they pay 0.51/mile) for 2 frik'n days actual work? You mean they'd pay me 80 hours for this but why can't get someone local? I turned it down = no UI for me again!!
CV,
look man
all I really want to know is
do you have your Jos. A Banks card or what? B/c if you do.....you're all set.
I've been hearing all kinds of great things about Austin TX for about a year now
wife and I were looking at houses down there last night
wow, you can really get a nice spread in TX for very little money
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