AmenRa's Corner 3.13.12

Drive safely. Dead bears have been seen all over the interstate.

Creditcane™: Repeat after me. Look both ways before crossing the market.

Bullish long day. Midpoint above EMA(10). Holding above all SMA's. Holding above the 0.0% retrace (1359.44). Daily 3LB reversal up (reversal is 1343.36). QE2infinity.

Bullish long day. Midpoint above EMA(10). Tested and held the 50.0% minor retrace (79.96). Still above all SMA's. New high on daily 3LB (reversal is 78.35).

Bullish short day (still closed lower). Midpoint below EMA(10). Failing all SMA's. Tested and held its 100.0% retrace (14.27). New low on daily 3LB (reversal is 20.79).

Bearish short day. Midpoint below EMA(10). Failing its 38.2% retrace (1721.70). Tested and failed SMA(89). No daily 3LB changes (reversal is 1672.10). Still above monthly 3LB mid. Must have the precious.

Bearish long day. Midpoint below EMA(10). Tested and failed SMA(55). Tested and failed its 50.0% minor retrace (1.3145). No daily 3LB changes (reversal is 1.3063).

Bullish long day. Midpoint above EMA(10). Tested and held SMA(21). Tested and failed its 50.0% minor retrace (39.86). No daily 3LB changes (reversal is 39.88).

Bullish long day. Still above all SMA's. Midpoint above EMA(10). Holding above its 0.0% retrace (18.96). Daily 3LB reversal up (reversal is 19.22).

Spinning top day. Still above all SMA's. Midpoint above EMA(10). Tested and failed its 50.0% minor retrace (106.97). No dally 3LB changes (reversal is 109.77). Not confirming the monthly 3LB reversal down.

Bearish short day. Tested and failed SMA(144). Midpoint below EMA(10). Failing its 61.8% retrace (35.41). No daily 3LB changes (reversal is 37.20).

Bullish long day (gatdayyuum long). Midpoint above EMA(10). Still above all SMA's. Tested and held its 61.8% retrace (46.14). Daily 3LB reversal up (reversal is 43.80).

Bearish short day. Tested and failed SMA(55). Midpoint above EMA(10). Tested and held its 38.2% retrace (0.7808). No daily 3LB changes (reversal is 0.7857).

Bullish long day. Midpoint above EMA(10). Tested and held SMA(21). Holding above its 50.0% retrace (3.802). No daily 3LB changes (reversal is 3.987).

Bullish long day. Still above all SMA's. Midpoint above EMA(10). Holding above its 0.0% retrace (552.00). New high on daily 3LB (reversal is 530.26).

Bullish long day. Tested and held SMA(21,55). Midpoint above EMA(10). Tested and held its 50.0% minor retrace (5226.88). Daily 3LB reversal up (reversal is 5047.25).



AmenRa said...

The real reason behind the bear massacre:
Fed To Accelerate Stress Test Result Release Following JP Morgan Disclosure

The WSJ has more on this glaring example of just who runs stuff in this banana republic:

The Federal Reserve will release the results of its latest stress tests today at 4:30 p.m. Eastern time, two days before it had planned to unveil the sensitive review of big banks.

The schedule change came after J.P. Morgan Chase & Co . sent out a news release announcing it had passed the stress test. J.P. Morgan said it will raise its dividend and authorized a $15 billion stock repurchase program.

Bankers were scrambling Tuesday after the unexpected timing of J.P. Morgan's announcement. Several bankers said they are pleased with their banks' results but weren't willing to give out specifics before the Fed's own statement.

The Fed had planned to release the results of this year's Comprehensive Capital Analysis and Review, or stress tests, on Thursday afternoon. It decided to move up the timing after some banks had disclosed their results, the Fed said. The tests look at how the 19 biggest U.S. banks would fare in a severe downturn, including an unemployment rate of 13%, a 21% decline in housing prices and a 50% drop in equity prices.

b22 said...

as I remarked elsewhere today I love all the buybacks announced

Amex, for example, loves their stock at 54, didn't so much at 10....

perhaps later this year they'll conduct a buy low - sell high seminar for Johnny.

AmenRa said...


The market was so scared of your 1375 resistance that they had to force a close two deviations above the old high of 1370.58.

AmenRa said...

After a day like today MUB still closed lower.

qqqqtrader said...

Ra, lol, so now support?

(cv's # 1474)
...1406 <--- original "guess", fast, if we bust thru 1375

anyone else got a number?
where we turn down? (if only for a few weeks)

AmenRa said...


I have 1402.42 as the 50.0% minor retrace and 1443.40 as the 61.8% minor retrace from the high of 1576.09.

BinT said...

Why I Am Leaving Goldman Sachs

BinT said...

gold down nearly 3%...and the bond yield is jumping...


Anonymous said...

Amex, for example, loves their stock at 54, didn't so much at 10....

no kidding..

F______ 'Stock Buy-Backs' are an Abuse (in most instances)

personally, it won't bother me to see them 'Outlawed'..


AmenRa said...

Stocks buybacks are another way of a company saying that they are out of ideas on improving stock performance.

AmenRa said...


Some of that gold selling might be due to margin calls. It's the only collateral of quality that they have left. Many EU banks have already given the ECB all of their worthless collateral and now have to dip into the good stuff.

cv said...

AXP stock was at 10 in March '09 (right about the time that all the banks were getting bailout money)...

I doubt it would have been possible to use bailout money to do stock purchases...

But of course I could be wrong...

AmenRa said...

1629.90 is the weekly SMA(55). SMA(55) has been support since April 2009.

AmenRa said...

Last week the TNX closed above its monthly 3LB mid. This week it's already above its monthly 3LB reversal price. Ruh roh is it time to pay the piper?

AmenRa said...
Bank Stress Tests and Other Acts of Faith

Chris Whalen takes apart the stress test results.

Andy T said...

love that OP ED with the GS guy....

that link should be free.

cv said...

that link should be free

It is... It was the first headline of the morning on ZH...

Anonymous said...

TODAY is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it.

To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money. Goldman Sachs is one of the world’s largest and most important investment banks and it is too integral to global finance to continue to act this way. The firm has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for.

It might sound surprising to a skeptical public, but culture was always a vital part of Goldman Sachs’s success. It revolved around teamwork, integrity, a spirit of humility, and always doing right by our clients. The culture was the secret sauce that made this place great and allowed us to earn our clients’ trust for 143 years. It wasn’t just about making money; this alone will not sustain a firm for so long. It had something to do with pride and belief in the organization. I am sad to say that I look around today and see virtually no trace of the culture that made me love working for this firm for many years. I no longer have the pride, or the belief.

But this was not always the case. For more than a decade I recruited and mentored candidates through our grueling interview process. I was selected as one of 10 people (out of a firm of more than 30,000) to appear on our recruiting video, which is played on every college campus we visit around the world. In 2006 I managed the summer intern program in sales and trading in New York for the 80 college students who made the cut, out of the thousands who applied.

Anonymous said...

I knew it was time to leave when I realized I could no longer look students in the eye and tell them what a great place this was to work.

When the history books are written about Goldman Sachs, they may reflect that the current chief executive officer, Lloyd C. Blankfein, and the president, Gary D. Cohn, lost hold of the firm’s culture on their watch. I truly believe that this decline in the firm’s moral fiber represents the single most serious threat to its long-run survival.

Over the course of my career I have had the privilege of advising two of the largest hedge funds on the planet, five of the largest asset managers in the United States, and three of the most prominent sovereign wealth funds in the Middle East and Asia. My clients have a total asset base of more than a trillion dollars. I have always taken a lot of pride in advising my clients to do what I believe is right for them, even if it means less money for the firm. This view is becoming increasingly unpopular at Goldman Sachs. Another sign that it was time to leave.

How did we get here? The firm changed the way it thought about leadership. Leadership used to be about ideas, setting an example and doing the right thing. Today, if you make enough money for the firm (and are not currently an ax murderer) you will be promoted into a position of influence.

What are three quick ways to become a leader? a) Execute on the firm’s “axes,” which is Goldman-speak for persuading your clients to invest in the stocks or other products that we are trying to get rid of because they are not seen as having a lot of potential profit. b) “Hunt Elephants.” In English: get your clients — some of whom are sophisticated, and some of whom aren’t — to trade whatever will bring the biggest profit to Goldman. Call me old-fashioned, but I don’t like selling my clients a product that is wrong for them. c) Find yourself sitting in a seat where your job is to trade any illiquid, opaque product with a three-letter acronym.

Anonymous said...

Today, many of these leaders display a Goldman Sachs culture quotient of exactly zero percent. I attend derivatives sales meetings where not one single minute is spent asking questions about how we can help clients. It’s purely about how we can make the most possible money off of them. If you were an alien from Mars and sat in on one of these meetings, you would believe that a client’s success or progress was not part of the thought process at all.

Times Topic: Goldman Sachs Group Inc.
A Public Exit From Goldman Sachs Hits at a Wounded Wall Street (March 15, 2012)

Readers’ Comments

Readers shared their thoughts on this article.

Read All Comments (202) »

It makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as “muppets,” sometimes over internal e-mail. Even after the S.E.C., Fabulous Fab, Abacus, God’s work, Carl Levin, Vampire Squids? No humility? I mean, come on. Integrity? It is eroding. I don’t know of any illegal behavior, but will people push the envelope and pitch lucrative and complicated products to clients even if they are not the simplest investments or the ones most directly aligned with the client’s goals? Absolutely. Every day, in fact.

It astounds me how little senior management gets a basic truth: If clients don’t trust you they will eventually stop doing business with you. It doesn’t matter how smart you are.

These days, the most common question I get from junior analysts about derivatives is, “How much money did we make off the client?” It bothers me every time I hear it, because it is a clear reflection of what they are observing from their leaders about the way they should behave. Now project 10 years into the future: You don’t have to be a rocket scientist to figure out that the junior analyst sitting quietly in the corner of the room hearing about “muppets,” “ripping eyeballs out” and “getting paid” doesn’t exactly turn into a model citizen.

Anonymous said...

When I was a first-year analyst I didn’t know where the bathroom was, or how to tie my shoelaces. I was taught to be concerned with learning the ropes, finding out what a derivative was, understanding finance, getting to know our clients and what motivated them, learning how they defined success and what we could do to help them get there.

My proudest moments in life — getting a full scholarship to go from South Africa to Stanford University, being selected as a Rhodes Scholar national finalist, winning a bronze medal for table tennis at the Maccabiah Games in Israel, known as the Jewish Olympics — have all come through hard work, with no shortcuts. Goldman Sachs today has become too much about shortcuts and not enough about achievement. It just doesn’t feel right to me anymore.

I hope this can be a wake-up call to the board of directors. Make the client the focal point of your business again. Without clients you will not make money. In fact, you will not exist. Weed out the morally bankrupt people, no matter how much money they make for the firm. And get the culture right again, so people want to work here for the right reasons. People who care only about making money will not sustain this firm — or the trust of its clients — for very much longer.
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Greg Smith is resigning today as a Goldman Sachs executive director and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa.

Anonymous said...

GOOG's 'crawlers, still, do a 'Zorro' on, many 'PayWalls'..


AmenRa said...

Getting around pay walls:

AmenRa said...


That's what I did for the link above.

b22 said...

The client isn't the focal point of any wall street business

hardly unique to goldman


Anonymous said...

the COT "#s" in Natty are curious, no?



link is good~

Random Weblog 'Reminder' Service said...

"Rothschilds Use China to Loot the West"

b22 said...

Brandon Marshall to Chicago


Jay Cutler still sucks

BinT said...

Reggie Wayne resigns with Indianapolis?

...there won't be another trip to the Superbowl during his career...

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