AmenRa's Corner

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

Creditcane™: I'm debating on whether or not to wait for everyone to return from vacation.

SPX
Bearish long day. Midpoint above EMA(10). Back above the trendline (3/6/09-7/1//10) but below (2/5/10-5/6/10). Above the SMA(21), SMA(55) but back below the SMA(89). Pushing towards 1110.02 (the .09 fibo from high). No daily 3LB changes (reversal is 1051.87). QE2infinity.



DXY
Bullish short day. Back above the SMA(21). Midpoint at EMA(10). Was heading for its 50% retrace (still might). No daily 3LB changes (reversal is 82.92).



VIX
Bullish short day. Midpoint below EMA(10). Below weekly 3LB mid and monthly 3LB mid. Still below all SMA's. No daily 3LB changes (reversal is 24.45). Trending down on daily 3LB.



GOLD
Bullish long day. Still above all SMA's. Midpoint above EMA(10). Still heading towards the 0% (it's coming). New high on daily 3LB (reversal is 1239.90).



EURUSD
Bearish long day. Midpoint above EMA(10). Held the 23.6% retrace. Back below the 4x1 Gann and the SMA(21). It's above the trendline (11/27/09-3/17/10). Daily 3LB reversal down (reversal now 1.2878).



JNK
Doji day (not much movement for a risk off day). Still failing to close gap. Above the SMA(21), SMA(89) & SMA(144). Midpoint above EMA(10). No daily 3LB changes (reversal is 37.72).



10YR YIELD
Bearish short day. The new 0.0% fibo retrace at 24.69 is holding. Midpoint above EMA(10). Back below the SMA(21). Closed the gap from Fridays open. No daily 3LB changes (reversal now 24.77).



AUDJPY
Bearish short day. Midpoint above EMA(10). Above SMA(21), SMA(55), SMA(144) but below the SMA(89). No daily 3LB changes (reversal is 75.8121).



DJ TRANS AVG
Bearish short day. Still above the upper trendline and all SMA's. Midpoint above EMA(10). No daily 3LB changes (reversal is 4160.79). Trending up on the daily 3LB.



YEN (FXY)
Bearish short day. Still above all SMA's. Midpoint above EMA(10). Tested and failed the 0.0% retrace. New high on daily 3LB (reversal is 115.99).

LEFTBACK'S BOND REPORT

The Bond Report 9.7.10

Today was a day where if you had gone long USTs on Friday, then you are the sh*t, or as LB would say, THE DOG'S BOLLOCKS.

Ts and IG outperformed HY today, and it was a big hard flattener, as a lukewarm auction of 3y kept buyers out at the long end, and even TIPS were well bid. Overall today was a lot more HUGH HENDRY than JULIAN ROBERTSON.

Corpies: LQD 0.75%; AGG 0.29%; JNK 0.08%; HYG -0.15%;
Govies: TLT 2.05%; IEI 0.40%; TIP 0.56%
Hedgies: TBT -3.94%

We did nothing. We are waiting for a H&S to form on TLT and then we will play the long bonds from the short side. We own AGG, LQD, HYG and JNK. No Treasuries. We think fixed income will be strong all week, including Ts as we see a 10y and 30y auction ahead of us.