AmenRa's Corner

A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection.

We just had a second helping of Goldilocks. Party on!

Creditcane™: Feel my wrath. I am the harbinger of things to come.

SPX
Bearish long day. Midpoint below EMA(10). Failed SMA(21), SMA(55) & SMA(89). Failed test of trend line (3/6/09-7/1/10). Failed the 38.2% retrace (1324.16). Failed weekly 3LB mid. Daily 3LB reversal down (reversal is 1345.18). QE2infinity. "JBTFD. Any questions?"



DXY
Bullish long day (confirmed hammer). Midpoint below EMA(10). No test of 0.0% retrace (72.70). Below all SMA's. Held its 23.6% retrace (74.73). No daily 3LB changes (reversal is 76.10).



VIX
Bullish long day. Midpoint above EMA(10). Back above all SMA's (in one day mind you). Held its 23.6% retrace (18.28). Daily 3LB reversal up (reversal is 15.45). Wants to escape the "no fear" zone.



GOLD
Spinning top day. Midpoint above EMA(10). No test of 0.0% retrace (1577.40). Above all SMA's. Tested and held its 14.6% retrace (1539.32). No daily 3LB changes (reversal is 1556.40). Holding above upper trend line. Must have the precious.



EURUSD
Bearish short day. Midpoint above EMA(10). Held SMA(21). Tested and held its SMA(55). Failed its 76.4% retrace (1.4346). No daily 3LB changes (reversal is 1.4054).



JNK
Bearish long day (confirmed hanging man). Midpoint below EMA(10). Back below SMA(21), SMA(55), SMA(89) & SMA(144). No test of 0.0% retrace (40.93). Failed its 38.2% retrace (40.41). Daily 3LB reversal down (reversal is 40.88).



10YR YIELD
Bearish long day (and gapped lower). Still below all SMA's. Midpoint below EMA(10). Made a new 0.0% retrace (29.52). Still below the upper trend line. New low on daily 3LB (reversal is 31.21).



WTI
Bearish long day. Back below SMA(89) & SMA(21). Midpoint above EMA(10). No test of 0.0% retrace (114.83). Failed its 50.0% retrace (102.07). No dally 3LB changes (reversal is 111.41).



SILVER
Bearish long day. Held SMA(21). Midpoint above EMA(10). Back below the upper trend line. Tested and failed its 50.0% retrace (38.05). No daily 3LB changes (reversal is 36.12). ""You want delivery! You can't handle the delivery!"



BKX
Bearish long day (looks like a completed evening star). Midpoint below EMA(10). Failing all SMA's. Failed its 61.8% retrace (48.75). Daily 3LB reversal down (reversal is 50.10).

WORLD WIDE PREMIERE JULY 1, 2011

Morning Corner 6.1.11

DXY (weekly info)
-no change (above mid)
trend=no
direction=up (1 bar)
high= 75.76
rev= 72.93; mid= 74.35

The dollar upward bias is under threat as it has closed the month below its monthly 3LB mid. It is holding above both of the upper trend lines. Treading water until 7/1/11 when QE2 ends. If some form of QE3 appears (under whatever name the Fed comes up with) the move down will be intense.



EURCHF (weekly info)
WEEKLY REVERSAL new low 1.2172
trend=no
direction=down (1 bar)
low= 1.2172
rev= 1.3140; mid= 1.2656

The proxy for European risk restarted its move lower by having a weekly 3LB reversal down last week. That's because any move higher is a temporary reprieve since its monthly 3LB started trending down in March 2008. So obviously bailout, no bailout, bailout, no bailout, etc makes no difference.

AmenRa's Corner

A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection.

"I despise EOM shenanigans!"

Creditcane™: Another bailout for Greece, Chicago PMI WTE, Case-Shiller WTE and Consumer Confidence WTE and I get ignored. Go figure.

SPX
Bullish long day. Midpoint above EMA(10). Held SMA(21). Testing trend line (3/6/09-7/1/10). Held the 23.6% retrace (1341.90). New high on daily 3LB (reversal is 1316.28). QE2infinity. "JBTFD. Any questions?"



DXY
Hammer day. Midpoint below EMA(10). No test of 0.0% retrace (72.70). Below all SMA's. Failed its 23.6% retrace (74.73). Daily 3LB reversal down (reversal is 76.10).



VIX
Spinning top day. Midpoint below EMA(10). Still below all SMA's. Failing its 14.6% retrace (16.75). New low on daily 3LB (reversal is 18.20). Wants to escape the "no fear" zone.



GOLD
Spinning top day. Midpoint above EMA(10). No test of 0.0% retrace (1577.40). Above all SMA's. Tested and failed its 14.6% retrace (1539.32). No daily 3LB changes (reversal is 1556.40). Holding above upper trend line. Must have the precious.



EURUSD
Bullish short day. Midpoint above EMA(10). Held SMA(21). Tested and held its SMA(55). Now above its 76.4% retrace (1.4346). New high on daily 3LB (reversal is 1.4054).



JNK
Hanging man day. Midpoint above EMA(10). Above all SMA's. No test of 0.0% retrace (40.93). Held its 14.6% retrace (40.73). New high on daily 3LB (reversal is 40.49).



10YR YIELD
Bearish long day (didn't ocnfirm homing pigeon). Still below all SMA's. Midpoint below EMA(10). Made a new 0.0% retrace (30.41). Still below the upper trend line. New low on daily 3LB (reversal is 31.57).



WTI
Bullish long day. Back above SMA(89) & SMA(21). Midpoint above EMA(10). No test of 0.0% retrace (114.83). Above its 50.0% retrace (102.07). No dally 3LB changes (reversal is 111.41).



SILVER
Bullish short day. Held SMA(21). Midpoint above EMA(10). Still above the upper trend line. Tested and held its 50.0% retrace (38.05). New high on daily 3LB (reversal is 36.12). ""You want delivery! You can't handle the delivery!"



TLT
Bullish long day. Midpoint above EMA(10). Still above all SMA's. Made a new 0.0% retrace (96.76). Trading above its upper trend line. New high on daily 3LB (reversal is 95.49).



EEM
Dragonfly doji day (ruh roh?). Midpoint above EMA(10). Above all SMA's. Held its 38.2% retrace (48.07). New high on daily 3LB (reversal is 46.09).



BKX
Spinning top day. Midpoint above EMA(10). Tested and failed SMA(21). Failed its 50.0% retrace (50.11). New high on daily 3LB (reversal is 48.88).

WORLD WIDE PREMIERE JULY 1, 2011

Morning Corner 5.31.11

EURUSD (weekly info)
-no change (below mid)
trend=no
direction=down (2 bars)
low= 1.4100
rev= 1.4820; mid= 1.4460

The rumors of a second Greece bailout are now circulating. This has sent the EURUSD higher when the Asia markets opened. But why? Greece can never pay off what they owe. More austerity will lead to more protests and work stoppage. Personally I give this intervention a half life of two days but you could probably measure it in hours. See http://www.reuters.com/article/2011/05/31/us-markets-forex-idUSTRE74U02L20110531 and http://www.reuters.com/article/2011/05/30/us-eurozone-idUSTRE74Q1YV20110530.



IWM/SPY (weekly info)
-no change (above mid)
trend=no
direction=up (1 bar)
high= 0.6349
rev= 0.6013; mid= 0.6181

The proxy for liquidity in the market is indicating that it hasn't dried up just yet. The apex of the triangle is about 4-5 weeks away. That happens to line up with the end of QE2.

Monday Evening Post: Memorial Day Ed.

Let Summer Begin!

I tackled SP, DXY, Silver and Gold within this report.

Bottom Line:  S&P 500 still looks like a mixed bag of mess.  There is no trade there.  The Dollar is witnessing a nice pull back, but the bias is to buy the dip in the Greenback.  Silver  appears headed back to mid-40's but must first clear big resistance at $39.50.  Gold saw a nice bounce last week, but it looks like it's due for a pullback.

Market Commentary 30May11

Addendum:

Good reader and contributer QQQQTRADER has a nice way with putting data and charts together.  Here's his latest which can also be found here.  It shows the trajectory of Private vs. Public Income since 2000.  We want the green line to outperform the black line!