A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection
Creditcane: Don't watch me. Watch FX instead. There you will find my essence.
SPXSpinning top day. Still holding above 1110. Well above the SMA(21) and above the SMA(233). Midpoint above EMA(10). Still above the weekly 3LB reversal price (1110.88). Holding the trendline (3/6/09-5/25/10). No daily 3LB changes (reversal is 1064.88). QE2infinity.
DXYSpinning top day. Midpoint below EMA(10). Tested and failed to get above the SMA(144). The 85.11 (fibo .1459) has been violated. Below the 61.8% retrace and tested the 50% retrace (passed). No daily 3LB changes (reversal is 82.56).
VIXBullish long day. Midpoint below EMA(10). Still below weekly 3LB mid and monthly 3LB mid. "Fear is here so don't get fooled on market pumps. Repeat ad nauseam. Arrghh!" Still below the SMA(89) and SMA(144). No daily 3LB changes (reversal is 23.95).
GOLDBearish long day. Below the SMA(21), the SMA(89). Tested but held the SMA(144). Midpoint below EMA(10). "To hell with fiat! Say it again! I'm gold and I'm proud!". Closed below 14.6% retrace. New low on daily 3LB (reversal is 1195.10).
EURUSDDoji day. Midpoint above the EMA(10). Back above the SMA(89). Tested and held 1.2935 (fib .1459). Still above the trendline (11/27/09-3/17/10). New high on daily 3LB (reversal is 1.2943).
JNKBearish short day (too much "hair" for hanging man). Tested and failed the 76.4% retrace (by .01 but hey it still failed). Still above the SMA(89) and the SMA(144). Midpoint above EMA(10). Closed the falling window from 5/4/10-5/5/10. New high on daily 3LB (reversal is 36.43).
GSBearish short day. Tested and failed SMA(89). Still below 147.91 (fib .236) again. Midpoint above the EMA(10). Still above 144.98 (fib 2.058 from low). The 1.618 fibo (using low) of 124.12 is on vacation for now. No daily 3LB changes (reversal is 140.25).
10YR YIELDSpinning top day. Tested and failed the 14.6% retrace (by 1 bps). Running away from the 0.0% retrace at 28.83. Midpoint above EMA(10). Still above the SMA(21). No daily 3LB changes (reversal is 31.14).
SLVBearish long day. Midpoint below EMA(10). Below the SMA(21), SMA(89) and now the SMA(144). Closed at the 61.8% retrace. No daily 3LB changes (reversal is 19.12).
16 comments:
http://finance.yahoo.com/news/GM-sets-41000-price-for-rb-3559068332.html?x=0&sec=topStories&pos=5&asset=&ccode=
GM sets $41,000 price for electric Chevy Volt
....How many you gonna get at this price Karen?
@Amen
Maybe that hanging man on JNK is just kickin' it with a mohawk...
@bruce
I could get a couple of decent forklifts for that price...
Same difference, and probably a lot more fun to drive...
Ra,
did you notice the $TRAN today? didn't look so hot.
I wonder if Jesse is going to call that another "bear raid" on gold? If you have bear raids occurring on a regular basis, when do you stop calling them "raids." At point do you just call it a bear market or a liquidation?
This is probably the most astute market observer out there....I can't disagree with anything that that this guy suggests.
http://www.businessinsider.com/socgens-albert-edwards-by-the-way-the-us-is-still-japan-all-over-again-2010-7
Ben
$TRAN made a nice bearish harami today and the Dow was a spinning top. So one ran for the exit and the other watched in horror.
Ra,
yes, and RR is fond of saying that the trannies tell you more about underlying weakness than the DOW does
From the link within AT's link:
"My views on the outlook could not be clearer. They may be wrong, but at least they are clear. We still call for sub-2% 10y bond yields and equities below March 2009 lows."
I can accept that we end up like Japan and deflation drags on for years, where I part ways with lots of people with that view is the same way Edwards does, which is that the market is going to at minimum see those March lows again if we end up this way, personally I find the idea that we end up like them just minus the huge market decline is some serious street dreaming
@McF @Ra
If you look closer at the $TRAN (at two of its most important components FDX & UPS, at least in terms of name recognition)...
Look at the FDX & UPS charts...
They were lagging the rebound off the broader indices by a long way until they suddenly woke up and "gapped up" in the past few trading sessions - both to FIBO retrace levels 61.8% and 50% respectively...
As if to say "oh wait - we have to post these re-traces - quick - before the whole market rolls over, or the charts (when everybody looks back at them 3 years from now) will seem all out of SYNCH...
Of course, CNBC & Bloomberg will tell you it was because of EARNINGS & GUIDANCE...
Guidance like:
"we expect to deliver 800 gazillion foreclosure & bankruptcy notices from law firms & collection agencies to American households over the next 6 quarters, we're re-configuring our fleets to Chevy Volts, and we're moving our corporate HQ to the Cayamans... So we're going to raise our EBITDA...
>> GM sets $41,000 price for electric Chevy Volt
Government Motors!
Oh, wait. You know what'll come next?? More *subsidies* for "qualifying vehicles"!
And any company that *could* or *would* have marketed a cheap(er) electric vehicle will decide to go upmarket enough to qualify for the subsidy.
McFearless, thanks for the comment on the other thread. Yeah, I hear ya... And you're right. It's just that I've been "praying" that the market will stop levitating and thus give a big "FU" to the TPTB. So, when I hear Russell say something that's in any way contrary to his big call, it upsets me... Of course, I should probably go read what he said instead of whine about it in ignorance. ;-)
The AZ illegal alien issue would seem to be the start of the 2003 socionomic prediction which was that before the bear market was over people would need internal travel papers in the US.
@wunsacon,
I wouldn't mind seeing the exact same thing man
@all
Wednesday MORNING AUDIBLES will launch early...
12:01 EST (9:01 PST)... For East Coast "night owls", or West Coast "wine connoisseurs"...
That would be (9:46 AM) for all you Kathmandu readers... :-)
Quiet as its kept but today was the second failure of closing above the minor fibo .08541 of 1115.62.
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