Creditcane™: Hope is futile. You will be assimilated.
Bearish long day. Midpoint above EMA(10). Still above all SMA's. Tested and failed the 50.0% minor retrace (1357.98). Daily 3LB reversal down (reversal is 1374.02). QE2infinity.
Bullish long day. Midpoint above EMA(10). Tested and held the 0.0% retrace (83.11). Still above all SMA's. New high on daily 3LB (reversal is 81.63).
Bearish long day (really???). Midpoint below EMA(10). Still failing all SMA's. Still failing its 61.8% minor retrace (18.81). No daily 3LB changes (reversal is 16.66).
Bearish long day. Midpoint below EMA(10). Tested and failed its 61.8% retrace (1600.40). Tested and failed SMA(21,55). No daily 3LB changes (reversal is 1634.20). Must have the precious.
Bearish long day. Midpoint below EMA(10). Still failing all SMA's. Tested and failed its 0.0% minor retrace (1.2373). New low on daily 3LB (reversal is 1.2668).
Doji day. Midpoint above EMA(10). Still above all SMA's. Holding above its 61.8% retrace (38.86). No daily 3LB changes (reversal is 39.08).
Bearish long day. Now failing all SMA's. Midpoint below EMA(10). Holding above its 0.0% retrace (14.71). No daily 3LB changes (reversal is 17.65).
Bearish long day. Holding above SMA(21). Midpoint above EMA(10). Tested and failed its 38.2% minor retrace (86.56). No dally 3LB changes (reversal is 77.69).
Bearish long day. Now failing all SMA's. Midpoint below EMA(10). Holding above its 100.0% retrace (26.66). No daily 3LB changes (reversal is 26.29).
Spinning top day. Midpoint below EMA(10). Tested and failed SMA(55). Still failing its 61.8% retrace (46.14). Daily 3LB reversal down (reversal is 46.24).
Bearish short day. Tested and held SMA(21) but failed SMA(55). Midpoint below EMA(10). Holding above its 61.8% minor retrace (0.7643). No daily 3LB changes (reversal is 0.7651).
Bearish long day. Midpoint above EMA(10). Tested and failed SMA(55). Tested and failed its 61.8% minor retrace (3.430). No daily 3LB changes (reversal is 3.305).
Spinning top day. Still above all SMA's. Midpoint above EMA(10). Holding above its 38.2% minor retrace (592.47). No daily 3LB changes (reversal is 570.77).
IT HAS BEGUN. YOU HAVE BEEN WARNED.
10 comments:
Weekly 3LB Update 7/6/12
Spain 10yr 7.11%
Italy 10yr 6.16%
EU Summit is a dream deferred.
The pixie dust from the Hilsenrath rumor on Friday has worn off.
You can see that the market is doing all it can to keep from going lower. But the number one rule when caught in quicksand is not to struggle or you'll get pulled under.
Sorry guys. Was absolutely slammed this weekend. Will put out some thoughts/charts this evening or next before I go on vacation.
Paul Tucker getting reamed at the UK Treasury Committee meeting.
You would figure that after NFP on Friday the SPX would be down quite a bit. But not today. Market is actually trying to go positive. The 10yr yield ell out of bed, A/D under 1, VU/VD under 1 but new highs are greater than new lows. And somehow EURUSD is up.
Egan-Jones Downgrades Netherlands And Austria To A, Negative Watch
Netherlands, that one of four remaining AAA-rated Eurozone countries (by the big 3 rating agencies at least), was just downgraded by Egan Jones. And for good measure, it also cut Austria.
Netherlands:
Synopsis: The markets have cheered the decision to provide EUR100B directly to Spain's banks and to forego seniority for bailout funds. However, the market provides few gifts; the northern European countries will absorb the cost of providing support. Furthermore, with Spain's and probably Italy's seeking support from the EFSF and ESM, two major economies will switch from providers to users of funds. Our view is that the longer the euro crisis continues, the lower the ultimate recoveries. We are downgrading to " A " with a negative watch.
And Austria
Synopsis: The markets have cheered the decision to provide EUR100B directly to Spain's banks and to forego seniority for bailout funds. However, the market provides few gifts; the northern European countries will absorb the cost of providing support. Furthermore, with Spain's and probably Italy's seeking support from the EFSF and ESM, two major economies will switch from providers to users of funds. Our view is that the longer the euro crisis continues, the lower the ultimate recoveries. We are downgrading to " A " with a negative watch.
There can be only one.
It didn't help that three of the Fed doves had speeches today. Of course additional stimulus was their main talking point.
new thread
Post a Comment