AmenRa's Corner 4/12/13




Creditcane™: REPETERE AD INFINITUM: CAVEAT EMPTOR.


SPX
Spinning top day. Midpoint above EMA(10). Still above all SMA's. Tested and failed the 0.0% retrace (1589.07). No daily 3LB changes (reversal is 1553.28). QE2infinity. Still below 2 of 3 trend lines and RSI(14) above 50.



DXY
Spinning top day. Midpoint below EMA(10). Tested and failed the 38.2% minor retrace (82.46). Still failing SMA(21). No dally 3LB changes (reversal is 82.13).



VIX
Bearish short day. Midpoint below EMA(10). Tested and failed SMA(21). Holding above its 0.0% retrace (11.50). No daily 3LB changes (reversal is 11.30).



GOLD
Bearish LONG day. Midpoint below EMA(10). Tested and failed its 50.0% minor retrace (1506.20). Still failing all SMA's. Daily 3LB reversal down (reversal is 1586.70). Must have the precious.



EURUSD
Doji day. Midpoint above EMA(10). Tested and held SMA(144). Holding above its 61.8% minor retrace (1.2770). No daily 3LB changes (reversal is 1.2944).



JNK
Bullish short day. Midpoint above EMA(10). Still above all SMA's. Holding above its 38.2% minor retrace (40.58). New high on daily 3LB (reversal is 40.84).



10YR YIELD
Bearish long day. Now failing all SMA's. Midpoint below EMA(10). Tested and failed its 38.2% minor retrace (17.47). No daily 3LB changes (reversal is 18.39).



WTI
Bearish LONG day. Tested and failed SMA(144,233). Midpoint below EMA(10). Tested and failed its 38.2% minor retrace (90.37). New low on dally 3LB (reversal is 94.45).



SILVER
Bearish LONG day. Still failing all SMA's. Midpoint below EMA(10). Tested and failed its 100.0% retrace (26.91). New low on daily 3LB (reversal is 27.25).



BKX
Bearish short day. Midpoint above EMA(10). Tested and failed SMA(21). Still failing its 0.0% retrace (57.33). No daily 3LB changes (reversal is 54.68).



HYG/LQD
Bearish long day. Tested and failed SMA(89). Midpoint below EMA(10). Holding above its 61.8% minor retrace (0.7765). No daily 3LB changes (reversal is 0.7831).



COPPER
Bearish LONG day. Midpoint below EMA(10). Tested and failed SMA(21). Tested and failed its 50.0% minor retrace (3.381). No daily 3LB changes (reversal is 3.333).



AAPL
Bearish short day. Still failing all SMA's. Midpoint below EMA(10). Still failing its 61.8% retrace (463.72). Still failing BB(2,200). No daily 3LB changes (reversal is 461.91).



CCI
Spinning top day. Midpoint below EMA(10). Still failing all SMA's. Tested and failed its 50.0% retrace (547.13). No daily 3LB changes (reversal is 542.91).







IT HAS BEGUN. YOU HAVE BEEN WARNED.

13 comments:

AmenRa said...

Weekly 3LB Update 4/12/13

AmenRa said...

http://www.bloomberg.com/news/2013-04-14/banks-drop-off-isdafix-panel-amid-rate-rigging-probes.html
Banks Drop Off IsdaFix Panel Amid Rate-Rigging Probes

Banks Drop Off IsdaFix Panel Amid Rate-Rigging Probes
By Liam Vaughan - Apr 14, 2013 6:01 PM CT

Banks are leaving the panel that sets ISDAFix, the benchmark for the $379 trillion swaps market, as regulators probe suspected manipulation of the rate.

HSBC Holdings Plc (HSBA), Europe’s largest bank by assets, and Japan’s Mizuho Financial Group (8411) stopped contributing to the ISDAFix dollar rate between November and January, and haven’t been replaced, documents on the International Swaps and Derivatives Association’s website show. The industry group didn’t give any reason for the lenders’ departure.

Firms are pulling out of rates such as the London interbank offered rate, Euribor and ISDAFix on growing concern that they may face lawsuits, fines and criminal penalties if found to have engaged in wrongdoing. Without data from a large number of firms, benchmarks risk becoming unrepresentative and losing the confidence of the market, said Owen Watkins, a former regulator at the U.K.’s Financial Services Authority.

Banks across the industry are “concerned about the regulatory scrutiny and they don’t see any upside,” said Watkins, who’s now a lawyer at Lewis Silkin LLP in London. “If it continues, the authorities would look to compel institutions to provide quotes, either through regulation or statute.”

Regulators including the U.S. Commodity Futures Trading Commission and the FSA are working on a set of principles to govern all financial benchmarks after they fined Barclays Plc (BARC), UBS AG (UBSN) and Royal Bank of Scotland Group Plc more than $2.5 billion for rigging Libor. The CFTC has issued subpoenas to brokers at ICAP Plc (IAP) and as many as 15 banks amid allegations ISDAFix was rigged, Bloomberg News reported on April 8.

AmenRa said...

Gold is getting b&*^slapped right now. It's down to $1455.

AmenRa said...

China GDP QoQ 1.6% previous 2.0%, YoY 7.7% previous 7.9%. Industrial Production 8.9% previous 9.9%.

AmenRa said...

http://www.mining.com/web/how-the-gold-market-was-crashed/
How the gold market was crashed

There’s been a recent huge draw down of physical gold at the New York COMEX and at the JP Morgan Chase depository. Look at the physical market draw down on the charts below. It has taken a drastic plunge.
Read more

AmenRa said...

http://www.northernminer.com/news/goldcorp-adopts-all-in-cost-metric/1001974925/

It is to foster that exact realization that Goldcorp is adding a new metric to its financial reporting: the all-in sustaining cash cost. For several years the World Gold Council has been urging producers to start reporting more realistic costs and now Goldcorp is leading the way.

"This measure represents a significant change in the way Goldcorp presents cash costs," said Charles Jeannes, Goldcorp's president and CEO, in a conference call. "At present we in the industry use a number of metrics to determine cash costs, whether byproduct, coproduct, gold equivalent, and the like, and most will agree that none of these are perfect and none provide a full accounting of just what it costs to produce an ounce of gold.

"By including costs such as sustaining capital, general and administrative expenses, and exploration expenses we believe a clearer picture is presented of the true costs in our business."

So just how much does Goldcorp expect to actually spend producing an ounce of gold in 2013? The all-in estimate for next year is US$1,000 to US$1,100 per ounce, well above the forecast co-product cash cost of US$700 to US$750 per ounce and far above the expected US$525 to US$575 byproduct cash cost. (Coproduct cash costs do not include revenues from other commodities produced alongside gold, such as silver or copper. Byproduct cash costs do incorporate those revenues, essentially using those other products as credits towards the cost of producing gold.)

The all-in metric will be an addition to the company's financial statements – Goldcorp will continue to report coproduct and byproduct cash costs as before.

AmenRa said...

Unfortunately that means the floor for gold is $1100 using Goldcorp numbers. That's a mean drop from current prices.

AmenRa said...

http://www.scrapmonster.com/news/comex-gold-stockpiles-witness-the-largest-ever-crack-up/1/8589
Comex gold stockpiles witness the largest ever crack-up

NEW YORK (Scrap Monster) : Is it the end of a bull market run for Gold? Are the good times over for Gold mining firms? Speculations surrounding the industry are many. What exactly has been happening behind the scenes?

A close observation shows that the Comex stockpiles of the precious metal have eroded significantly in the past 90 days. .

AmenRa said...

Charts of gold stockpiles:

Comex Depository Warehouse Gold Stocks

JP Morgan Chase Depository Warehouse Gold Stocks

Scotia Mocatta Depository Warehouse Gold Stocks

JPM & Scotia have the largest drops.

AmenRa said...

http://www.paulcraigroberts.org/

"The Assault On Gold"

Basically The Fed is trying to protect the dollar reserve status.

AmenRa said...

Gold now down to $1383.

AmenRa said...

Looks like the wheels are about to come off.

AmenRa said...

New.

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