A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection
![](http://2.bp.blogspot.com/_XaPHRge5GtE/S985vCJgoYI/AAAAAAAABqs/fG741_fufpg/s200/SPX_050310.png)
Bullish long day. Back above the 1.786 fibo (using low) of 1190.89 (meaning the 1.8276 at 1218.63 is next). Midpoint below 10 SMA (downtrend). Tested the 21 SMA and passed. Also it's now back above the weekly 3LB mid of 1191.94 (damn). Closed above the .021 fibo (using high) of 1194.18. No daily 3LB changes. QE2infinity.
![](http://2.bp.blogspot.com/_XaPHRge5GtE/S985uz2R7qI/AAAAAAAABqk/EvIq7JT9wTE/s200/DXY_050310.png)
Bullish long day (correlation shot). Midpoint above 10 SMA (uptrend). Go Bucky Go Bucky. No daily 3LB changes.
![](http://4.bp.blogspot.com/_XaPHRge5GtE/S985lCzSqQI/AAAAAAAABqc/QuqFYbh7eMs/s200/VIX_050310.png)
Bearish long day. Still above the 61.8% fibo ext (support). Tested the 14.6% fibo retrace and failed. Closed below the 144 SMA. Midpoint still above 10 SMA. No daily 3LB changes.
![](http://1.bp.blogspot.com/_XaPHRge5GtE/S985kyvcO5I/AAAAAAAABqU/t8rP69a7wrs/s200/GOLD_050310.png)
Spinning top day (indecision as SPX/Gold approaches 1:1). Midpoint still above 10 SMA. Closed above the 61.8% fibo retrace. New high on daily 3LB with reversal now 1161.70.
![](http://3.bp.blogspot.com/_XaPHRge5GtE/S985kfNw_oI/AAAAAAAABqM/r271gheFShU/s200/EURO_050310.png)
Bearish long day. Midpoint below the 10 SMA. Currently below all MA's. Tested the 0.0% fibo retrace and failed. Next fibo level of 1.2935 is still a target in case of weakness (Greece - bailout won't help). Closed back below trendline (11/27/09-3/17/10). No daily 3LB changes.
![](http://2.bp.blogspot.com/_XaPHRge5GtE/S985kDLUZSI/AAAAAAAABqE/YhmdQyHdir4/s200/JNK_050310.png)
Doji day (confirmed dragonfly doji. go figure). Midpoint below 10 SMA (downtrend). Did not test any MA's. Still can't break through previous high of 40.21. No daily 3LB changes.
![](http://4.bp.blogspot.com/_XaPHRge5GtE/S985jsBUyrI/AAAAAAAABp8/qVjI0bN_Fes/s200/GS_050310.png)
Bullish harami day (even encloses shadows). Midpoint still below the 10 SMA. Back above previous low of 147.81 and above 2.058 fibo (using low) of 144.98. No daily 3LB changes.
27 comments:
Did anyone take a look at ABK from 15:05 through the close? WTH?
http://www.bloomberg.com/apps/news?pid=20601087&sid=a0DU2cuzM2Fw
May 3 (Bloomberg) -- Prime Minister George Papandreou’s call for Greeks to accept more sacrifices in return for staving off default was rejected by opposition leaders and unions, which are already organizing more protests.
Unions representing more than 500,000 civil servants called a 48-hour strike starting May 4. Local government workers called a snap strike for today. Teachers are also on strike from tomorrow and a general strike, the third this year, is planned for May 5. Members of the opposition party Syriza plan to encircle the Finance Ministry in central Athens today.
“Protests will increase, given we also have the pension issue before us,” said Spyros Papaspyros, the head of the federation of civil servant unions, ADEDY. “Opting for the easy path of cutting wages and pensions can’t be accepted.”
...Well, I see some similarity to Iceland (yes, different too...).
Here we are gonna get a bailout too. Iceland said "no" to 47k for every M,W, and child. I wonder what the final story in Greece will be?
ABK, GS etc
A high tide floats all trash.
Until the tidal wave comes and smashes it on the rocks. Oh dear, I am not very poetic tonight.
BinT
Think about it. Going on strike can be viewed as taking a cut in pay. Salaries and benefits don't have to be paid and the principal will collect interest if invested. Shady but true.
Here is some cheerful reading for you BinT
http://market-ticker.org/archives/2186-Did-The-Fed-Just-Surreptitiously-Bail-Out-Europe.html
Nic
A HFT algo noticed the discrepancy and went all in.
"Unions representing more than 500,000 civil servants..."
Keep in mind we are talking a population of 11,000,000. Union represents 1 in 22 citizens. Then you have their families and extended families. You could argue the union really represents nearly half the country.
I don't know how it will all play out (I think default) but whichever way it goes, it won't be pretty.
I-Man a gwaan blaze fyah wit di rulah an di pen an mash up di charts dem.
If this is the reason why stocks surged today, I won't lose any sleep tonight over being short U.S. stocks surge on consumer spending, mergers
Irritating day. The whipsaw and "difficult" moments continue for shorts....
Amazing stuff....
Yeah, stocks surged on "mergers." Because, airline mergers are terrific....
-AT
@AT (mergers)
I can hardly wait until the entire US economy is ONE company, and that company is the US Government...
TWSWB must be very happy to be a socialist... He must expect great "prosperity" to come from that...
It's worked GREAT for Greece!
on bonds. Leftback will enjoy this.
Spoon,
That's part of the Hugh Hendry thesis, if I understand him correctly. US banks in the past held a lot more USG debt.
It sure looks like the same old Japanese movie. And Japan still has it's biggest disaster ahead of it. Can we really be so dumb? Yes, we can!
spoonman
This was the key point (I believe) of the article:
“It’s the Japanese movie, just an American version,” said Cheah, who worked for Singapore’s central bank. “The next scene is that after banks buy more and more government bonds it will be very difficult for the Fed to raise interest rates because they will lead to massive losses in the banks and cause them trouble all over again.”
ADP is predictive when BTE and lagging when WTE. Don't you just love it. :)
http://www.youtube.com/watch?v=XFt45QBrmxU
Wow, I just saw this one. Very good video shots.
The pipe is only 7 years old, it broke and most of boston is/was under a boil water advisory.
Pay attention to the bit about the valve closure. How much water weight do you think that valve is holding back? They were lucky the valve held.
bob
That's a LOT of water. Wow. Reminds me of the time when construction broke through a water main in the lower levels of downtown Chicago. Water was filling up many subbasements of the downtown buildings.
bob
Couldn't resist: "Be like water my friend."
I've worked around a lot of water infrastructure. It's a lot more interesting than it seems. Valves work 80% of the time, and water, just like sh*t, always goes down hill.
The best way to look at water systems is as fire prevention, the design constraints of that are higher than for normal residential/commercial use. When you are fighting a fire there is no such thing as too much water. The 'fail' condition is always to let water run, not to stop it.
New SPX up back a yard.
European shares rise as Greece worries return. Like they ever left? Are the writers of this amnesiacs? Anyone who would take MSM reporting on financial matters as fact must..... oh right, GIB. My bad.
how bout that dollar.
Rising taxes on employers and producers with a high unemployment background...Greece lite...
Gonna get interesting.
Yes... how bout that dollar indeed. I would like to see it hit low 84's followed by a big correction followed by the start of a third of a third. That would most certainly wipe out perma-bulls for a couple of decades.
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