"You were warned about trying to catch falling knives in this market is similar to this."
Creditcane™: I told you to stop "poking" me.
Bearish short day (YGBFKM). Midpoint below EMA(10). Tested and failed SMA(21). Tested and failed the 38.2% minor retrace (1343.55). New low on daily 3LB (reversal is 1376.51). Failed lower trendline. QE2infinity.
Bullish short day. Midpoint above EMA(10). Tested and failed the new 0.0% retrace (84.00). Back above all SMA's. New high on daily 3LB (reversal is 83.03).
Bullish long day. Midpoint above EMA(10). Tested and held SMA(144). Tested and failed its 50.0% minor retrace (20.22). New high on daily 3LB (reversal is 15.45).
Bullish short day. Midpoint below EMA(10). Still failing its 61.8% retrace (1600.40). Tested and failed SMA(21). No daily 3LB changes (reversal is 1634.20). Must have the precious.
Bearish long day (didn't confirm takuri). Midpoint below EMA(10). Still failing all SMA's. Tested and failed its 0.0% retrace (1.2154). New low on daily 3LB (reversal is 1.2286).
Bearish long day. Midpoint below EMA(10). Tested and failed SMA(21). Tested and failed its 38.2% minor retrace (39.62). Daily 3LB reversal down (reversal is 39.85).
Bearish long day. Still failing all SMA's. Midpoint below EMA(10). Tested and failed its 0.0% retrace (14.40). New low on daily 3LB (reversal is 14.64).
Bullish short day. Tested and held SMA(55). Midpoint above EMA(10). Tested and held its 50.0% minor retrace (88.24). No dally 3LB changes (reversal is 92.97).
Spinning top day. Tested and failed SMA(21). Midpoint below EMA(10). Holding above its 100.0% retrace (26.66). No daily 3LB changes (reversal is 26.29).
Doji day. Midpoint below EMA(10). Tested and failed SMA(55). Still failing its 61.8% retrace (46.14). No daily 3LB changes (reversal is 46.33).
Bearish long day. Still failing all SMA's. Midpoint below EMA(10). Tested and failed its 0.0% retrace (0.7536). New low on daily 3LB (reversal is 0.7615).
Spinning top day. Midpoint below EMA(10). Now failing all SMA's. Tested and held its 50.0% minor retrace (3.359). No daily 3LB changes (reversal is 3.305).
Bearish short day. Tested and held SMA(21). Midpoint above EMA(10). Holding above its 38.2% minor retrace (592.47). No daily 3LB changes (reversal is 599.41). This is pre earnings.
After hours view shows carnage.
IT HAS BEGUN. YOU HAVE BEEN WARNED.
15 comments:
Will the Nikkei 225 break 8k this week...?
To think I've been investing all my adult life, and the crazy part comes now. Oh, to have a Tall Paul moment...
8350 on the Nikki is the level on the long term trend line (2003-2009). Possible retest of all time lows if that breaks.
US 10yr already made a new low in the overnight session of 1.3824%.
When all else fails go back to using headlines. ECB's Notwotny sees merit to leveraging ESM buyout fund
Must go to the bag of tricks to stop the market from plunging.
quote form the article:
"Nowotny, however, said the issue was far from settled and that it was not being actively discussed right now - an indication that, if were to be considered, it would take time to agree on the measure.
"There are also other arguments, but I would see this as an ongoing discussion," he said, adding that he was "not aware of specific discussions within the ECB at this point.""
Obviously this part isn't in the headline.
SPX fair value is around 1333 so futures aren't that impressive even after all of the rumors:
1) Hilsnerath in the WSJ.
2) Nowotny on ESM banking license.
You know they're scared when the CB's break out two rumors in the overnight session.
Recovery:
New home sales 0.350M, previous 0.369M, consensus 0.370M.
M-o-M change -8.4%, previous 6.7%, consensus 0.8%
No housing recovery here.
TruVape, a London-based electronic cigarette retailer, has joined with e-liquid manufacturer Hangsen to provide electronic cigarette kits at the upcoming Olympics.
The United Kingdom prohibits indoor smoking, so the e-cigarettes are offered as an alternative to normal cigarettes. E-cigarettes simulate the act of tobacco smoking by producing an inhaled vapor bearing the physical sensation, appearance, and flavor of inhaled tobacco smoke.
"Smokers want to smoke everywhere, and our electronic cigarettes allow them to do so. We spent over six months looking for an ISO certified manufacturer with large cleanroom facilities, and luckily we found Hangsen and their technical team," says a TruVape spokesman.
Release Date: July 20, 2012
http://www.cemag.us/news/cleanroom-manufactured-e-cigs-olympics
~
AAIP
Spain troubles:
2yr
open 7.004%, high 7.147%, current 6,421%
5yr
open 7.726%, high 7.785%, current 7.202%
10yr
open 7.635%, high 7.751%, current 7.376%
The pain in Spain...
The market is getting artificially boosted each time the SPX goes below its 50SMA. Higher EU yields, WTE bid to cover in US auctions, Spain's states all asking for a bailout, AAPL worse than estimates. All of these indicate the SPX should be lower. Yet it keeps moving in the OTHER direction.
Egan-Jones just dropped Italy from B+ to CCC+ with a negative watch.
Egan Jones Triple Hooks Italy: Boots The Boot To CCC+ From B+, Watch Negative
Synopsis: Italy and its regional governments need to rollover approximately EUR183B in 2012 and EUR214B next year and is likely to experience increasing yields and restricted access without external intervention. Yields on the 10 year bonds are near 6.5%; rates have been rising despite prior ECB purchases. Future intervention by the ECB and IMF will provide some liquidity but might subordinate existing creditors. Italy cannot support all of its debt if the EU economy falters. Debt/GDP will continue to rise and the country will remain pressed. We are downgrading from " B+ " to " CCC+ " , with a neg. watch
TICKS is insane. As soon as a set of -400 to -800 ticks show up there is a +400 to +800 response. Bulls fighting for survival. Can't believe I get a kick out of seeing these things. But I do.
SOB's waited until the final 15 seconds to try and push SPX into positive territory. Shady. Let's see if the MOC orders help or hurt their strategy.
New thread.
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