A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection
Creditcane™: The four horsemen have nothing on me.
SPXSpinning top day. Did not close gap. Back below the SMA(55). Midpoint below EMA(10). Below the trendline (3/6/09-5/25/10) & (2/5/10-5/6/10). New low on daily 3LB (reversal is 1127.79). QE2infinity.
DXYSpinning top day. Tested but failed the SMA(144). Midpoint above EMA(10). The 85.11 (fibo .1459) has been violated and the 80.95 (fib .09) has been defeated. New high on daily 3LB (reversal is 80.41). Also closed above weekly 3LB reversal price (1 more day).
VIXBearish long day. Midpoint above EMA(10). Still holding below weekly 3LB mid and monthly 3LB mid. Still below the SMA(89) but above the SMA(144). New high on daily 3LB (reversal is 21.74).
GOLDBullish long day. Above the SMA(21), the SMA(89) and now the SMA(55). Midpoint above EMA(10). Holding above 14.6% retrace. New high on daily 3LB (reversal is 1182.50). Tested and conquered the weekly 3LB reversal price after 4 tries).
EURUSDInverted hammer day. Bottom? Midpoint below the EMA(10). Back below 1.2935 (fib .1459) and the 38.2% retrace. Also below the 3x1 Gann. Still above the trendline (11/27/09-3/17/10). New low on daily 3LB (reversal is 1.3274).
JNKSpinning top day. Did not test the 61.8% retrace but tested and passed the 50.0% retrace. Below the SMA(89). Midpoint below EMA(10). No daily 3LB changes (reversal is 37.72).
10YR YIELDSpinning top day. Failed to close gap. Held new 0.0% fibo retrace at 26.83. Midpoint way below EMA(10). Below the SMA(21). No daily 3LB changes (reversal is 28.24).
AUDJPYBullish thrusting day. Failed to close above midpoint of previous day. Still below SMA(55). Midpoint below EMA(10). Tested the 23.6% retrace at 75.5696 and passed. No daily 3LB changes (reversal is 79.1783).
DJ TRANS AVGHammer day. Below the SMA(55) and SMA(144). Tested the SMA(233) and passed. Midpoint below EMA(10). Also tested trendline using highs and passed. New low on daily 3LB (reversal is 4507.20).
YEN (FXY)Bearish long day. Above all SMA's. Midpoint above EMA(10). Possible test of 113.86 (the 23.6% retrace) if BoJ gets serious. No daily 3LB changes (reversal is 114.60).
LEFTBACK'S BOND REPORT
The Bond Report 8.12.10
Well, well, well. Shocking news. Some Treasuries actually declined in price (!), and TIPS were absolutely spanked after posting a negative yield yesterday. HY hit its lows early in the day, so there is obviously some bargain hunting going on in credit. Everything was sold, perhaps some profit taking and perhaps a reaction to a weak auction of 30y.
Corpies: LQD -0.35%; AGG -0.16%; JNK -0.59%; HYG -0.35%;
Govies: TLT -0.25%; IEI -0.22%; TIP -0.66%
We have been sellers of TLT and have been buying bits of HYG as spreads have widened this week. Hedging rate risk is going to be back in style at some point, but we'll let the market digest this week, and watch to see whether investors seek extra yield as intended.
22 comments:
The Bond Report 8.12.10
Well, well, well. Shocking news. Some Treasuries actually declined in price (!), and TIPS were absolutely spanked after posting a negative yield yesterday. HY hit its lows early in the day, so there is obviously some bargain hunting going on in credit. Everything was sold, perhaps some profit taking and perhaps a reaction to a weak auction of 30y.
Corpies: LQD -0.35%; AGG -0.16%; JNK -0.59%; HYG -0.35%;
Govies: TLT -0.25%; IEI -0.22%; TIP -0.66%
We have been sellers of TLT and have been buying bits of HYG as spreads have widened this week. Hedging rate risk is going to be back in style at some point, but we'll let the market digest this week, and watch to see whether investors seek extra yield as intended.
Lovely wrap. A few Safe Havens seem to be showing signs of weakness today, notably FXY, TLT and even gold is losing momentum. Any sign of a renewed risk appetite and these three may be sold rather sharply.
Not wildly bullish. Just seeing both sides.
This is more my political angle than yours, in general, but watch it and you'll have to admit that it is really rather clever:
The Crisis in Animation and The Failure of Mainstream Economics
LB enjoyed the skewering of LSE/Chicago style market fundamentalists and other purveyors of absolute nonsense.
BTW I nicked this from Nemo and Bondgirl's site,
https://self-evident.org/
Wonder how far underwater this homeowner is..?
Cardiff by the Sea
Ah, Southern California... and for the same money, you could enjoy a cookie cutter 2-bedroom in the grime of Manhattan......
LB -- I don't know...those tile countertops in the kitchen have got to go...and I'm not a fan of the burgundy felt on the pool table...
Hindenburg omen today?
Back ...
Canada's bubble is starting to burst. The trade deficit was 3x greater than forecast (as in a 300% error), the CPI shock (to some)earlier this month, the GDP revisions.
Mish was very good too: http://t.co/8kgvxlT
I live in Ontario. The new harmonised sales tax introduced last month will add $600 a year to the average family budget, we are already taxed to death and I am sure it is just the start.
"harmonised sales tax".
It does sound more pleasant that a "VAT tax", at least.
Hey - the avatars are back!
I'm watching my RAVENS play football 2nite...
Nic @ 9:32
"we are already taxed to death and I am sure it is just the start"
. . . . . . . . .
So why not move to this side of the border?
Taxes in the U.S. should remain relatively low, at least until the next presidential election.
sweet, avatars are back.
I think the Ravens could be tough this year
LB @ 5:38
Clever, yes. But no offers of specific policy prescriptions.
I am moving back to the UK this winter DL. I have thought about it. Unless you want to marry me (I am available)
JOKE ...
Nic,
It was funny, however.
. . . . . .
Back to the U.K....?
I don't know if that's good or bad, from your perspective.
But I assume that you'll continue to post comments from time to time.
DL
You won't notice any difference, I will still be here posting ;)
Big news of the night: http://bit.ly/bsHZzB
Ok seriously ... Oracle sues Google for patent infringement. This is very bad. http://is.gd/efb6P
These guys in the smartphone business are constantly suing each other. Big stakes.
I'd rather see the companies suing each other than to see governments suing the companies (merely because they're too big).
Risk on / short covering underway into the weekend. AUDUSD breaks 90 and confirms double bottom on hourly chart.
Mizuho Bank says bottom is in for USDJPY and predicts 90 by year end. I think one more dip, we will see.
@Nic
They have internet in UK?
:-)
What happened to risk on? Are TPTB unable to fix it in the overnight?
NEW THREAD
Explanation there Amen...
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