AmenRa's Corner

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

Creditcane™: Did you feel that? Want me to do it again?

SPX
Bearish long day. Midpoint from last Wednesdays candle is still holding strong. Back below the SMA(55). Midpoint below EMA(10). Below the trendline (3/6/09-5/25/10) and the next lower trendline (2/5/10-5/6/10). New low on daily 3LB (reversal is 1089.47). QE2infinity.



DXY
Spinning top day. It's waiting for something. Still below the SMA(144). Midpoint above EMA(10). No test of the 50% retrace or SMA(21). No daily 3LB changes (reversal is 80.60).



VIX
Bullish long day. Midpoint above EMA(10). Still holding below weekly 3LB mid but above monthly 3LB mid. Still below the SMA(89) but above the SMA(144). No daily 3LB changes (reversal is 22.01).



GOLD
Spinning top day. Above all SMA's. Midpoint above EMA(10). Still inching higher (eyeing 1267 area). New high on daily 3LB (reversal is 1225.00).



EURUSD
Bearish short day. Midpoint below EMA(10). Still below 1.2935 (fib .1459) and the 38.2% retrace. And still below the 3x1 Gann. But it's above the trendline (11/27/09-3/17/10). No daily 3LB changes (reversal is 1.3231).



JNK
Bearish short day. Not too much "risk on" today. Now below the 61.8% retrace. It has failed to close gap. Still above the SMA(89) and the SMA(144). Midpoint below EMA(10). No daily 3LB changes (reversal is 37.72).



10YR YIELD
Bearish long day. Recent gap is resistance (holding with a vengeance). Actually tested and held the 0.0% fibo retrace at 25.72. Midpoint below EMA(10). Below all SMA's. No daily 3LB changes (reversal is 28.22).



AUDJPY
Spinning top day. Still below the SMA(55). Midpoint below EMA(10). Was heading for the 38.2% retrace at 77.8965. Had a change of mind and tested the 23.6% retrace at 75.5696 (passed). No daily 3LB changes (reversal is 79.1783).



TLT
Bullish long day. Way above all SMA's. Midpoint above EMA(10). Currently the gap is support. New high on daily 3LB (reversal is 102.03).




DJ TRANS AVG
Bearish long day. Now running towards the trendline. Back below the SMA(55) and SMA(144). Midpoint below EMA(10). No daily 3LB changes (reversal is 4452.13).

LEFTBACK'S BOND REPORT

The Bond Report 8.19.10

Another day of risk-off amusement for fixed income punters as yields plunged again after the really shitty Philly Fed number crossed at 10am. The 10y hit a low of 2.557% and the 30y 3.622%. This move reversed the morning's mild curve steepener and 2s10s finished at 210 bps.

Early in the day, IG and USTs were outperforming massively but HY made a strong comeback by the end of the day. Spreads widened at the long end and were fairly stable at the shorter end.

Corpies: LQD 0.11%; AGG 0.32%; JNK -0.20%; HYG -0.21%;
Govies: TLT 1.56%; IEI 0.18%; TIP 0.00%

We watched and waited this time, which was a good idea, and then we hedged in early afternoon. The yield on the long bond can't go down every day. Can it?