Morning Corner 12.23.11
Gold/Euro (weekly info)-change (below mid)
trend=down
low= 1181.05
rev= 1328.19; mid= 1254.62
Last week the Gold/Euro dropped below its weekly 3LB mid and SMA(21). This week it's testing the 38.2% minor retrace. Notice that SMA(21) is still sloping higher.
Gold (weekly info)-no change (below mid)
trend=down
low= 1597.90
rev= 1855.90; mid= 1726.90
Amazingly gold is much weaker in USD (/sarc). It's below the SMA(21). It tested and held SMA(55) last week. It's below the 61.8% minor retrace. It also has made a higher low this week.
AmenRa's Corner
"Why do you continue to try and free the man in the funny red suit?"
Creditcane™: Who at the NYSE keeps praying to the Theoi Ouranioi?
SPXBullish long day (another hanging man freed). Midpoint above EMA(10). Holding above SMA(144). Holding above the 38.2% retrace (1241.13). New high on daily 3LB (reversal is 1211.82). QE2infinity. Still above weekly 3LB mid and now above the monthly 3LB mid.
DXYSpinning top day. Midpoint above EMA(10). Holding above the 38.2% minor retrace (79.38). Still above all SMA's. No daily 3LB changes (reversal is 79.14). Confirming the monthly 3LB reversal up.
VIXBullish short day. Midpoint below EMA(10). Failing all SMA's. Now failing its 38.2% minor retrace (21.62). New low on daily 3LB (reversal is 24.29). The grip of the "fear" zone has been eliminated (for now).
GOLDBearish short day. Midpoint below EMA(10). Holding above its 61.8% retrace (1592.30). Holding above SMA(233). No daily 3LB changes (reversal is 1802.90). Must have the precious.
EURUSDDoji day (indecision or fear?). Midpoint below EMA(10). Still failing all SMA's. Holding above its 0.0% retrace (1.3022). No daily 3LB changes (reversal is 1.3252).
JNKSpinning top day (evening star forming?). Midpoint above EMA(10). Holding above SMA(144). Still above its 50.0% retrace (38.24). New high on daily 3LB (reversal is 37.87).
10YR YIELDSpinning top day. Failing SMA(21). Midpoint above EMA(10). Holding above its 0.0% retrace (18.96). No daily 3LB changes (reversal is 20.68).
SILVERBearish short day. Failing all SMA's. Midpoint below EMA(10). Tested and failed its 61.8% minor retrace (29.76). No daily 3LB changes (reversal is 30.05).
BKXBullish long day. Midpoint above EMA(10). Holding above SMA(55). Holding above its 61.8% minor retrace (38.43). No daily 3LB changes (reversal is 40.05).
HYG/LQDDoji day. Tested and held SMA(144). Midpoint above EMA(10). Tested and held its 38.2% retrace (0.7808). No daily 3LB changes (reversal is 0.7693).
AUDJPYSpinning top day. Midpoint below EMA(10). Tested and held SMA(21). Tested and failed the 38.2% retrace (0.7841). No daily 3LB changes (reversal is 0.8231).
DJ TRANS AVGBullish short day. Tested and held SMA(233). Midpoint above EMA(10). Holding above its 38.2% retrace (4966.03). New high on daily 3LB (reversal is 4946.17).
IT HAS BEGUN. YOU HAVE BEEN WARNED.
"Just a little bit more and I can make a run for it."
Morning Corner 12.22.11
Wheat (weekly info)new low 640.75
trend=down
low= 640.75
rev= 685.50; mid= 663.13
Wheat is trying to stage a comeback. It's below all SMA's. But it's back above the weekly 3LB mid. It's also still below the 61.8% retrace. MACD is still moving higher.
Corn (weekly info)-no change (below mid)
trend=down
low= 582.00
rev= 745.25; mid= 663.63
Corn keeps approaching the 50.0% retrace and rebounding. Is someone keeping it afloat? It's below SMA(21) which is sloping down. It's back above the 38.2% retrace.
Coffee (weekly info)new low 215.20
trend=down
low= 215.20
rev= 234.85; mid= 225.03
Unlike Corn, Coffee has fallen below its 50.0% retrace. It's also below SMA(89). Now why are the prices in the store still high? It's forming a bullish harami this week so it might try to reverse with a higher close next week.
AmenRa's Corner
Creditcane™: Grumble. Grumble. Grumble. That's how I sound as I approach the exchanges.
SPXHanging man day. Midpoint above EMA(10). Tested and held SMA(144). Tested and held the 38.2% retrace (1241.13). New high on daily 3LB (reversal is 1205.35). QE2infinity. Still above weekly 3LB mid but below the monthly 3LB mid.
DXYBullish short day. Midpoint above EMA(10). Tested and held the 38.2% minor retrace (79.38). Tested and held SMA(21). No daily 3LB changes (reversal is 79.14). Confirming the monthly 3LB reversal up.
VIXBearish long day. Midpoint below EMA(10). Failing all SMA's. Tested and failed its 38.2% minor retrace (21.62). New low on daily 3LB (reversal is 24.53). The grip of the "fear" zone has been eliminated (for now).
GOLDDoji day. Midpoint below EMA(10). Holding above its 61.8% retrace (1592.30). Holding above SMA(233). No daily 3LB changes (reversal is 1802.90). Must have the precious.
EURUSDBearish short day (but with major selling pressure). Midpoint below EMA(10). Still failing all SMA's. Holding above its 0.0% retrace (1.3022). No daily 3LB changes (reversal is 1.3252).
JNKBullish long day. Midpoint above EMA(10). Tested and held SMA(144). Still above its 50.0% retrace (38.24). New high on daily 3LB (reversal is 37.80).
10YR YIELDBullish long day. Tested and failed SMA(21). Midpoint above EMA(10). Tested and held its 0.0% retrace (18.96). No daily 3LB changes (reversal is 20.68).
WTIBullish short day. Tested and held SMA(233). Midpoint above EMA(10). Tested and held its 50.0% retrace (97.56). Dally 3LB reversal up (reversal is 93.75). Not confirming the monthly 3LB reversal down.
SILVERSpinning top day. Failing all SMA's. Midpoint below EMA(10). Tested and failed its 61.8% minor retrace (29.76). No daily 3LB changes (reversal is 30.05).
BKXBullish short day. Midpoint above EMA(10). Tested and held SMA(55). Tested and held its 61.8% minor retrace (38.43). No daily 3LB changes (reversal is 40.05).
HYG/LQDBullish long day. Tested and held SMA(144). Midpoint above EMA(10). Tested and held its 38.2% retrace (0.7808). No daily 3LB changes (reversal is 0.7693).
USDJPYBullish short day. Midpoint above EMA(10). Tested and held SMA(144). Tested and failed its 38.2% minor retrace (77.908). No daily 3LB changes (reversal is 75.52).
COPPERSpinning top day. Midpoint below EMA(10). Tested and failed SMA(21,55). Tested and held its 50.0% minor retrace (3.384). No daily 3LB changes (reversal is 3.615).
IT HAS BEGUN. YOU HAVE BEEN WARNED.
"Will someone please engineer a rally so I can be set free? Do it for the children."
Morning Corner 12.21.11
3 mth vs Overnite Libor (daily info)new high 0.420
trend=up
high= 0.420
rev= 0.409; mid= 0.415
When it's all said and done the EU banks are living by the rule "Trust No One". This spread is now widening at a faster pace. The spread is back above its 38.2% retrace.
TED Spread (weekly info)new high 0.5430
trend=up
high= 0.5430
rev= 0.4980; mid= 0.5205
The TED Spread is also at highs not seen since 2009. It's trending up on the weekly 3LB. It will be trending up on the monthly 3LB if the month closes above 0.5090. It's back above the 50.0% minor retrace.
2s30s Spread (weekly info)new low 2.61
trend=down
low= 2.61
rev= 3.05; mid= 2.83
This spread is fighting to hold its 61.8% retrace. It's below all SMA's. Hard for banks to have a profit with such a small spread. Then again they're not lending too much anyway. SMA(21) sloping down isn't helping matters.
AmenRa's Corner
...can prevent market melt ups based on outlier results in economic reports.Creditcane™: Who did the bulls pay off to get control of the weather machine?
SPXBullish long day. Midpoint below EMA(10). Tested and held SMA(21,55,144). Tested and held the 38.2% retrace (1241.13). Daily 3LB reversal up (reversal is 1205.35). QE2infinity. Still above weekly 3LB mid but below the monthly 3LB mid.
DXYBearish long day. Midpoint above EMA(10). Tested and failed the 100.0% retrace (80.39). Holding above all SMA's. No daily 3LB changes (reversal is 79.14). Confirming the monthly 3LB reversal up.
VIXBearish short day. Midpoint below EMA(10). Failing all SMA's. Failing its 61.8% retrace (26.16). New low on daily 3LB (reversal is 32.00). The grip of the "fear" zone has been eliminated (for now).
GOLDBullish long day. Midpoint below EMA(10). Tested and held its 61.8% retrace (1592.30). Holding above SMA(233). No daily 3LB changes (reversal is 1802.90). Must have the precious.
EURUSDBullish long day. Midpoint below EMA(10). Still failing all SMA's. Tested and held its 0.0% retrace (1.3022). No daily 3LB changes (reversal is 1.3252).
JNKBullish short day. Midpoint above EMA(10). Tested and held SMA(144). Now above its 50.0% retrace (38.24). Daily 3LB reversal up (reversal is 37.80).
10YR YIELDBullish long day (really? who da hell was selling USTs?). Failing all SMA's. Midpoint below EMA(10). Tested and held its 0.0% retrace (18.96). No daily 3LB changes (reversal is 20.68).
WTIBullish long day. Tested and held SMA(233). Midpoint below EMA(10). Tested and failed its 50.0% retrace (97.56). No dally 3LB changes (reversal is 97.97). Not confirming the monthly 3LB reversal down.
SILVERBullish long day. Failing all SMA's. Midpoint below EMA(10). Still failing its 61.8% minor retrace (29.76). No daily 3LB changes (reversal is 30.05).
BKXBullish long day. Midpoint below EMA(10). Tested and held SMA(21,55,89). Tested and held its 50.0% minor retrace (37.51). No daily 3LB changes (reversal is 40.05).
HYG/LQDBullish long day. Tested and held SMA(21). Midpoint above EMA(10). Still failing its 38.2% retrace (0.7808). No daily 3LB changes (reversal is 0.7693).
EEMBullish long day. Midpoint below EMA(10). Failing all SMA's. Tested and held its 50.0% minor retrace (37.42). No daily 3LB changes (reversal is 36.10).
AUDJPYBullish long day. Midpoint below EMA(10). Tested and failed SMA(21). Tested and held the 61.8% minor retrace (0.7630). No daily 3LB changes (reversal is 0.8231).
BACSpinning top day (after that move in the market?). Midpoint below EMA(10). Failing all SMA's. Tested and held its 0.0% retrace (5.03). No daily 3LB changes (reversal is 5.32).
IT HAS BEGUN. YOU HAVE BEEN WARNED.
You thought that was enough to garner his freedom? Nope.