AmenRa's Corner

A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection.

"You can't run forever Bernanke."

Creditcane™: I feel so good all over.

SPX
Bearish short day. Midpoint below EMA(10). Still below all SMA's. Tested and failed the 38.2% minor retrace (1122.84). No daily 3LB changes (reversal is 1254.05). QE2infinity. Still below daily, weekly & monthly 3LB mids.



DXY
Bearish short day. Midpoint below EMA(10). Holding above its 0.0% retrace (73.51). Tested and failed the 38.2% minor retrace (74.40). Still below all SMA's. No daily 3LB changes (reversal is 75.75).



VIX
Hanging man day. Midpoint above EMA(10). Still above all SMA's. Tested and held its 0.0% retrace (39.25). No daily 3LB changes (reversal is 25.25). Ran back into the arms of the "extreme fear" zone.



GOLD
Bullish short day. Midpoint above EMA(10). Tested and held its new 0.0% retrace (1832.00). Still above all SMA's. New high on daily 3LB (reversal is 1785.00). Must have the precious.



EURCHF
Bearish short day. Midpoint above EMA(10). Holding above its 61.8%% retrace (1.1078). Holding SMA(21). No daily 3LB changes (reversal is 1.1266). The boulder is getting heavier Sissyphus. Don't slip.



JNK
Bullish short day. Midpoint below EMA(10). Still failing all SMA's. Tested and failed its 38.2% retrace (38.07). No daily 3LB changes (reversal is 39.59).



10YR YIELD
Bearish short day (didn't confirm hammer). Failing all SMA's. Midpoint below EMA(10). Failing its 0.0% retrace (21.73). Still below the upper trend line. New low on daily 3LB (reversal is 21.82).



WTI
Bullish thrusting day. Still failing all SMA's. Midpoint below EMA(10). Tested and held its 0.0% retrace (850.17). No dally 3LB changes (reversal is 91.93).



SILVER
Bullish long day. Trading above all SMA's. Midpoint above EMA(10). Tested and held its 38.2% retrace (40.69). Daily 3LB reversal up (reversal is 37.89).



BKX
Bearish short day. Midpoint below EMA(10). Failing all SMA's. Tested and failed its 0.0% retrace (36.55). New low on daily 3LB (reversal is 41.42).



HYG/LQD
Bearish short day. Failing all SMA's. Midpoint below EMA(10). No test of its 0.0% retrace (0.7427). Tested and failed its 38.2% minor retrace (0.7585). No daily 3LB changes (reversal is 0.7910).

IT HAS BEGUN. BE WARNED.

Morning Corner 8.19.11

SWI (Swiss Mrkt Idx) (weekly info)
-no change (below mid)
trend=down
low= 5172.06
rev= 5974.30; mid= 5573.18


It's bad enough that the Swiss Franc is still rising as the Swiss stock market plumbs new lows. It's below all SMA's. It's trying to close below its 50.0% minor retrace (5253.66). Now we find out the SNB needed the swap lines from the Fed. If their currency comes into question then "Who Can You Run To".



CAC 40 (weekly info)
WEEKLY CONFIRMATION new low 3213.88
trend=no
direction=down (2 bars)
low= 3213.88
rev= 4157.14; mid= 3685.51

France is having problems of their own as this week may close below its 61.8% retrace. It's already below all SMA's. A lower close this week will have the weekly 3LB trending down. Might start hearing more of this "Voulez-vous coucher avec moi ce soiree?" and less worrying about the sad state of affairs.



DAX (weekly info)
WEEKLY CONFIRMATION new low 5997.74
trend=no
direction=down (2 bars)
low= 5997.74
rev= 7514.46; mid= 6756.10

The economic results coming out of Germany pretty much says that the help for the EU is now in its waning stages. The DAX is now below all SMA's. It broke below its 38.2% retrace and may close the week below its 50.0% retrace. A lower close this week will have the weekly 3LB trending down. Seems like economic bad news is taking a "Trans Europe Express" train throughout the continent.

AmenRa's Corner

A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection.

Creditcane™: I have reached zen.

SPX
Bearish long day. Midpoint below EMA(10). Still below all SMA's. Tested and failed the 61.8% retrace (1168.03). No daily 3LB changes (reversal is 1254.05). QE2infinity. Still below daily, weekly & monthly 3LB mids.



DXY
Bullish long day. Midpoint below EMA(10). Holding above its 0.0% retrace (73.51). Failing the 38.2% minor retrace (74.40). Still below all SMA's. No daily 3LB changes (reversal is 75.75).



VIX
Bullish long day. Midpoint above EMA(10). Still above all SMA's. Tested and held its 0.0% retrace (39.25). No daily 3LB changes (reversal is 25.25). Ran back into the arms of the "extreme fear" zone.



GOLD
Bullish long day. Midpoint above EMA(10). Tested and held its new 0.0% retrace (1817.60). Still above all SMA's. New high on daily 3LB (reversal is 1784.30). Must have the precious.



EURCHF
Spinning top day. Midpoint above EMA(10). Holding above its 61.8%% retrace (1.1269). Holding SMA(21). No daily 3LB changes (reversal is 1.1266). The boulder is getting heavier Sissyphus. Don't slip.



JNK
Bullish short day. Midpoint below EMA(10). Still failing all SMA's. Tested and held its 38.2% retrace (38.07). No daily 3LB changes (reversal is 39.59).



10YR YIELD
Hammer day (we'll see if it gets confirmed). Failing all SMA's. Midpoint below EMA(10). Tested and failed its 0.0% retrace (21.73). Still below the upper trend line. No daily 3LB changes (reversal is 23.39).



WTI
Bearish long day. Still failing all SMA's. Midpoint below EMA(10). Tested and failed its 38.2% minor retrace (85.30). No dally 3LB changes (reversal is 91.93).



SILVER
Bullish short day. Holding above SMA(21). Midpoint above EMA(10). Tested and held its 38.2% retrace (40.69). No daily 3LB changes (reversal is 40.70).



BKX
Bearish long day. Midpoint below EMA(10). Failing all SMA's. Tested and held its 0.0% retrace (36.55). No daily 3LB changes (reversal is 42.34).



HYG/LQD
Bearish short day. Failing all SMA's. Midpoint below EMA(10). No test of its 0.0% retrace (0.7427). Tested and failed its 38.2% minor retrace (0.7585). No daily 3LB changes (reversal is 0.7910).



USDJPY
Bearish short day. Midpoint below EMA(10). Still below all SMA's. Tested and failed its 38.2% retrace (76.561). No daily 3LB changes (reversal is 77.03). Calling BoJ. Calling BoJ. The line in the sand has been crossed. We're waiting.



DJ TRANS AVG
Bearish long day. Failing all SMA's. Midpoint bellow EMA(10). Tested and failed its 61.8% minor retrace (4321.30). New low on daily 3LB (reversal is 4711.74).

IT HAS BEGUN. BE WARNED.

Morning Corner 8.18.11

BAC (weekly info)
new low 7.19
trend=down
low= 7.19
rev= 10.00; mid= 8.60


BAC formed the first two candles of a morning star on the weekly chart. This week is not making the third candle in the formation. It's below all SMA's. It's below its 61.8% retrace (7.83). It also gapped lower last week. Not too much volatility this week. But that could change.



WFC (weekly info)
new low 24.13
trend=no
direction=down (2 bars)
low= 24.13
rev= 29.14; mid= 26.64

WFC is not as weak as BAC (yet) as it's holding its 38.2% retrace. Yet it's below all SMA's. It's trying to hold its monthly 3LB mid. Currently another morning star pattern is failing to form.



IYR (weekly info)
-no change (above mid)
trend=up
high= 50.01
rev= 45.80; mid= 47.91


It appears RE is still pushing higher. Odd since lumber is lower. It's above most of the SMA's (except the 233). It's above its 38.2% retrace. But it's now trading below its monthly 3LB reversal price. So happy times may be about to end.

AmenRa's Corner

A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection.

Creditcane™: Ha. Got bitten by the tiger in "Eye of the Tiger".

SPX
Doji day. Midpoint below EMA(10). Still below all SMA's. Tested and failed the 50.0% retrace (1204.58). No daily 3LB changes (reversal is 1254.05). QE2infinity. Still below weekly & monthly 3LB mids.



DXY
Bearish short day (didn't confirm bullish harami). Midpoint below EMA(10). Tested and held its 0.0% retrace (73.51). Failing the 38.2% minor retrace (74.40). Still below all SMA's. No daily 3LB changes (reversal is 75.75).



VIX
Spinning top day. Midpoint below EMA(10). Still above all SMA's. Failing its 61.8% minor retrace (33.35). No daily 3LB changes (reversal is 25.25). Still running away from the "extreme fear" zone.



GOLD
Spinning top day. Midpoint above EMA(10). Failing its 0.0% retrace (1801.00). Still above all SMA's. Holding its 38.2% minor retrace (1740.31). New high on daily 3LB (reversal is 1743.00). Must have the precious.



EURCHF
Spinning top day. Midpoint above EMA(10). Holding above its 61.8%% retrace (1.1269). Holding SMA(21). New high on daily 3LB (reversal is 1.1266). The boulder is getting heavier Sissyphus.



JNK
Bullish long day. Midpoint above EMA(10). Still failing all SMA's. Easily held its 38.2% retrace (38.07). No daily 3LB changes (reversal is 39.59).



10YR YIELD
Bearish long day. Failing all SMA's. Midpoint below EMA(10). Tested and failed its 0.0% retrace (21.73). Still below the upper trend line. No daily 3LB changes (reversal is 24.58).



WTI
Spinning top day (didn't confirm bearish harami). Still failing all SMA's. Midpoint below EMA(10). Tested and held its 50.0% minor retrace (86.88). No dally 3LB changes (reversal is 92.08).



SILVER
Bullish short day. Tested and held SMA(21). Midpoint above EMA(10). Tested and failed its 38.2% retrace (40.69) but holding above its 50.0% retrace (37.94). No daily 3LB changes (reversal is 40.70).



BKX
Spinning top day. Midpoint below EMA(10). Failing all SMA's. Tested and failed its 38.2% minor retrace (39.08). No daily 3LB changes (reversal is 42.34).



HYG/LQD
Bullish short day. Failing all SMA's. Midpoint below EMA(10). No test of its 0.0% retrace (0.7427). Tested and failed its 61.8% minor retrace (0.7682) but held the 50.0% retrace (0.7634). No daily 3LB changes (reversal is 0.7910).



USDJPY
Bearish long day. Midpoint below EMA(10). Still below all SMA's. Tested and failed its 38.2% retrace (76.561). New low on daily 3LB (reversal is 77.03). Calling BoJ. Calling BoJ. The line in the sand has been crossed.

IT HAS BEGUN. BE WARNED.