Creditcane™: Remind me to use my vacation days during EOM ramps. Arrgghh!!!
Bullish long day (confirmed bullish harami). Midpoint below EMA(10). Tested and held SMA(21). Still failing the 61.8% minor retrace (1343.55). No daily 3LB changes (reversal is 1304.86). QE2infinity.
trend=no
direction=down (2 bars)
low= 0.3670
rev= 0.4030; mid= 0.3850
-no change (above mid)
trend=no
direction=up (1 bar)
high= 6876.30
rev= 6065.00; mid= 6470.65
-change (currently below mid)
trend=down
low= 485.18
rev= 689.86; mid= 587.52
-change (currently below mid)
trend=down
low= 12739.98
rev= 14359.50; mid= 13549.74
IT HAS BEGUN. YOU HAVE BEEN WARNED.
11 comments:
Oddly enough the more Germany is liable for other countries debt ruins their credit rating. I wouldn't be surprised if Merkel walks into the meeting, states Germany's position and walks out.
I see Merkel let her stance be known before the Summit...
Merkel Blasts Euro Partners on Eve of Summit
German Chancellor Angela Merkel has signalled she is ready for a fight at Thursday's summit, criticizing the euro reform blueprint presented by top EU officials and again ruling out jointly issued debt in the strongest of terms. She warned that Germany can't save the euro on its own.
Chancellor Angela Merkel reinforced her Nein to euro bonds on Wednesday and sharply criticized euro zone reform proposals presented by top EU officials this week. Her remarks set the stage for what promises to be a difficult, fractious EU summit on Thursday.
In a statement to Germany's lower house of parliament, the Bundestag, Merkel made clear that she will not bow to intense international pressure on Germany to agree to joint bond issues that would calm the euro crisis by stabilizing ailing euro-zone member states like Italy and Spain.
She said the blueprint for closer financial integration drafted by European Council President Herman Van Rompuy, European Commission President Jose Manuel Barroso, Euro Group President Jean-Claude Juncker and European Central Bank President Mario Draghi contained major shortcomings, and that she would seek support for her own ideas in Brussels.
"I profoundly disagree with the stance taken in the report that precedence is given to mutualization, and that more control and enforcable commitments take second place and are phrased in very imprecise terms," said Merkel, to applause from conservative parliamentarians.
JPMorgan falls 5 percent after trading loss reports
LONDON (Reuters) - JPMorgan (JPM) (JPM.F) shares fell 5.3 percent in Frankfurt on Thursday after a newspaper reported that losses from a bungled credit derivatives trade could reach $9 billion in a worst-case scenario.
The U.S. bank's shares in New York are also trading down 5.4 percent in pre-market trading.
The story was "likely disappointing today" for the shares, Evercore Partners said in a research note.
JPMorgan said in May that it had lost $2 billion on the trades, but these losses have mounted in recent weeks as the bank has unwound its positions, the New York Times reported on Thursday, citing people briefed on the situation.
An internal report at the bank projected in April that the losses could reach $8-9 billion, assuming worst-case conditions, the newspaper said.
JPMorgan declined to comment.
Germany Unemployment rate 6.8% prior 6.7%
Let's see. Weekly claims (last week) 387k. I expect the revision to be 390k-392k and this week to be 389k-391k.
Weekly claims 386k...BS. Revision was 392k.
SCOTUS says Obamacare is constitutional (with changes to Medicare). Republican heads explode all over the US.
JPM managers now claim losses will be less than $9B. Those who have the other side of the trade thinks it's more and will probably force the issue.
Institutions and traders who went long for the EOQ & EOM about to get wiped out.
Fugg it. 1315.10 is the 50% retrace of the 6/4/12 low to the 6/19/12 high. Supports are Tuesdays open at 1314.09 and Mondays low at 1309.27. Also if using pivots then 1318.47 is S1 (weekly) and 1315.30 is S2 (daily).
Is that the PPT peeking thru the window?
The market snaps higher as the EU Summit starts. What a load of BS.
SPX 8 handles in 10 minutes. WTF?
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