"It's too late. There is no escape."
Creditcane™: The FOMC realized that more QE would bring my wrath.
SPXSpinning top day. Midpoint above EMA(10). Tested and held SMA(55). Tested and failed the 50.0% minor retrace (1357.98). No daily 3LB changes (reversal is 1304.86). QE2infinity.
VIXInverted hammer day. Midpoint below EMA(10). Failing all SMA's. Failing its 61.8% minor retrace (18.81). New low on daily 3LB (reversal is 26.66).
EURUSDSpinning top day. Midpoint above EMA(10). Holding above SMA(21). Tested and failed its 38.2% minor retrace (1.2710). No daily 3LB changes (reversal is 1.2556).
BKXDoji day. Midpoint above EMA(10). Tested and afield SMA(55). Holding above its 50.0% retrace (43.76). New high on daily 3LB (reversal is 44.05).
HYG/LQDBearish short day. Tested and held SMA(55). Midpoint above EMA(10). Holding above its 61.8% minor retrace (0.7643). New high on daily 3LB (reversal is 0.7646).
Athens (weekly)-no change (below mid)
trend=down
low= 485.18
rev= 689.86; mid= 587.52
IBEX (weekly)-no change (above mid)
trend=down
low= 6065.00
rev= 6876.00; mid= 6470.50
FT MIB (weekly)-no change (below mid)
trend=down
low= 12739.98
rev= 14339.50; mid=13549.74
DAX (weekly)-no change (below mid)
trend=down
low= 6050.29
rev= 6583.90; mid= 6317.10
IT HAS BEGUN. YOU HAVE BEEN WARNED.
18 comments:
AR -- love the pics.
AT -- thanks for the weekend commentary, hope you had a happy Father's day.
Things may be quiet around here during the day, but I'm sure I'm not the only one checking in when I can :-)
Thanks Jennifer. I do the best I can to try and keep things flowing.
Love how Bloomberg does the hokey pokey:
(using http://finviz.com/news.ashx)
Bloomberg 8:58PM Asian Stocks Advance as Fed Extends Economic Stimulus
Bloomberg 10:40PM Asian Stocks Decline After Fed Cuts U.S. Growth Forecasts
It's the same damn story.
China : PMI Flash Mfg Index
Actual 48.1 Prior 48.7
China has it's own problems and the EU expects them to pony up more money for the IMF. BWAHAHAHAHA.
Almost forgot. This is the HSBC PMI. Not the "official" release from the Chinese government (which will probably show expansion).
It's funny that all of the analysts who appeared in the MSM stating that QE3 was a sure thing are not back on apologizing for their error.
Spain 10yr 6.744% (-.298). Still above the Nov 2011 high of 6.700%.
I'm surprised that there wasn't a bazooka drawn by the Fed. The Street told everyone to expect QE. Bernanke isn't the kind of guy to hold back the punch bowl.
The tone of the fixed income space is sort of eerie. I'm picking up a lot of mixed signals.
I'm having a hard time figuring out what is next. I am strongly positioned in cash and defensive risk assets. I just don't have enough conviction to put on large bets in either direction.
My guess on weekly claims 390k. Last week revised to 393k. EUC & extended -150k. Drumroll please...
Weekly claims 387k, prior 389k (revised from 386k). EU & Extended -41k. Guess they kept the numbers down because of fear of no QE.
Philly Fed gets decimated. Actual -16.6, prior -5.8, consensus 0.5.
Greece thinks it can change the terms on its austerity measures. Germany says "Nein! Nein! Nein!"
Existing Home Sales 4.55M, prior 4.62M, consensus 4.57M.
Bloomberg Consumer Comfort -37.9 prior -36.4
Spain sells debt at much higher rates. Successful in that the debt was able to get sold BUT the rates were damn near double the previous auction. So not as successful as it appears.
EURUSD down on the week. I guess hopes of an EU salvation follows.
Shocker.
S&P 500 reversed at the exact 61.8% retracment....
All the gains from the rumor "Central banks to provide liquidity" about to be wiped out in one day.
Andy T
1358? I did add smaller retrace range on the daily SPX which shows 1358.56 as the 61.8% retrace. It was tested the last two days. The test failed.
http://mam.econoday.com/byshoweventfull.asp?fid=451618&cust=mam&year=2012&lid=0#top
Highlights
The alarm you hear is the Philly Fed's monthly report where contraction is gripping the Mid-Atlantic manufacturing sector this month. The general business conditions index shows contraction for a second month and, at a minus 16.6 level, much more severe contraction than May's minus 5.8, a reading that in itself was a shock.
Now if we get below 1323.59 (low from the final 30 min on 6/14/12) then the Central Bank rumor will have been declared DOA.
new
Post a Comment