A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection
Creditcane™: My new winter accessory…bearskin full length coat.
SPXBullish long day. Midpoint above EMA(10). Still above the trendlines (3/6/09-7/1//10), (2/5/10-5/6/10) & (4/26/10-8/9/10). Above all SMA's. Above 1110.02 (the .09 fibo from high) and heading for 1151.86 (the .0557 fib from high). New high on daily 3LB (reversal is 1125.07). QE2infinity.
DXYBearish long day (negated bullish harami). Below all SMA's. Midpoint below EMA(10). Now below its 61.8% retrace at 79.72. New low on daily 3LB (reversal is 81.25).
VIXBearish long day. Midpoint below EMA(10). Below weekly 3LB mid and monthly 3LB mid. Still below all SMA's. No daily 3LB changes (reversal is 23.89). Trending down on daily 3LB.
GOLDSpinning top day. Still above all SMA's. Midpoint above EMA(10). Made a new 0% retrace. New high on daily 3LB (reversal is 1279.30).
EURUSDBullish long day (confirming bearish thrusting). Midpoint above EMA(10). Really looking to test its 50% retrace. Above all SMA's. New high on daily 3LB (reversal is 1.3076).
JNKBullish long day. Above all SMA's. Midpoint above EMA(10). May retest the 85.4% retrace. No daily 3LB changes (reversal is 39.71).
10YR YIELDBullish long day. Closed gap. The 0.0% fibo retrace at 24.69 has been holding. Still below the 14.6% retrace (26.94), still below the weekly 3LB mid (27.60) and the SMA(21). Midpoint below EMA(10). No daily 3LB changes (reversal is 24.99).
AUDJPYBullish short day. Closed back above its 61.8% retrace. Midpoint above EMA(10). Above all SMA's. No daily 3LB changes (reversal is 79.5419).
DJ TRANS AVGBullish long day. Holding above the upper trend line and all SMA's. Midpoint above EMA(10). Daily 3LB reversal up (reversal is 4382.93). Reversal down one day, reversal up the next. Something ain't right.
CRBBullish long day. Blew through the 100% retrace at 280.69. Midpoint above EMA(10). Above all SMA's. New high on daily 3LB (reversal is 277.56). Also closed above its monthly 3LB reversal price.
10 comments:
Just catching up. What a mental day.
I'm not a smoker but I support transparency in markets. This is genius! http://www.priceofweed.com/
I sent Chet a note earlier today. I've got a commitment to my wife and her business out in Roundtop/Warrenton, TX this weekend. On top of that, I was handed very good Texans/Cowboys tickets. We're taking some good customers to the game. I don't think I'm going to be able to generate charts for this Sunday.
Cliff's Motes:
DXY: has room to move down to 77.69-78.22 zone. I'd dedicate a decent amount of risk going long into that zone. The recent action in the DXY reminds us how important "stops" are to any trading strategy. We stopped out of all DXY length on the 81.41 break. Stopping out SUCKS, but these "stops" and pivots are picked out for a reason--to remain solvent.
SP500: Same as it ever was. Will sell Dec futures at 1150 equivalent to get to 40% of Max Short. Still being a dick for that tick.
If we see 1170 next week, I'll have to take the position to 75% of Max Short and then just go "white knuckle" time with this beast. Will probably have to go with 1175 as "stop" on the trade.
Gold: The "advice" from 9/12 still holds:
"...it's difficult to advocate a big bearish trade just yet. It looks to be in a technical "no man's land" for the next several weeks. I would much rather jump on the short train when this market first displays some sort of "impulsion" lower or can break below some supports. Otherwise, it just feels like you're fighting a band of lunatics who are convinced that Gold is the second reserve currency of the world and the only true hedge in a world that has gone mad, mad, mad."
I hate the look of the Gold chart and I desperately want to be 100% short that thing; however, we still need to see some kind of "sharp" move lower first. I'll even take one SINGLE bearish candlestick on the Daily...maybe a "shooting star" top on "bullish news" of some kind. Anything like that will get me to short the Yellow Metal and you will all know about it.
~~~~~~~~~~~~~~~~~~~
Football:
Big game for Chelsea this weekend. They're facing their first true 'test' against Man City. We'll see how dominant they truly are.
Texans are only a 3pt favorite vs Cowboys at home? WTF? That line seems "whack" to me....I'll take the Cowboys on the road in what will be a very loud house.
Apols for the above so long. Just need to get those thots down before I have too much too drink on a Friday nite listening to some Beg Steal or Borrow
I caught that Tepper interview live this morning getting my girls ready for school (wife out of town)...
Two thoughts crossed my mind:
a) Congrats to him for getting balls deep in the middle of the shit;
b) Fuck him...he basically front ran the U.S. Government (similar to Billy Gross and Pimpco).
So, is he really a "genius" for just front running the big dumb Government (We the People)? I think he was "just smart enough" to realize that, for at least a little while, the USG would backstop everything.
I'm not sure about his conclusions for the future, either. The terms "QE" and "ZIRP" are in the American lexion now, and the general public doesn't like it much. Thuse, the Tea Party movement, etc.
I think there is a "third outcome" that he doesn't realize: The economy doesn't get any better and there is no 'political will' to engage in QE2. The Fed's hands are tied and must just let some assets deflate.
Kudos to CNBC for getting that interview. That guy actually talks like a lot of traders I know...and if it weren't for public TV I'm sure he would have used the phrase "asshole long the stock market."
Thanks AR (bearskin coat funny, NOT!), Nic and Andy.. sent your link out, Nic, to few people.. no smoking for me either. Andy, I REALLY did like Ray's voice.. and that song in particular.. (so did my 23 yo.) I gotta try out his other stuff.
Anyway.. I-Man is in my town! We have sexted, I mean texted, and should hook up, I mean meet up tomorrow.. The got the perfect weekend! This weekend is the summer we never had.. unfortunately there is no surf.. but if they want to come to my beach tomorrow, I will 'ply them paddleboards and tequila : )
Good Stuff Karen. I-Man in the 'hood. That should be interesting.
Open Invite: If any contributers are ever in Houston, please drop a line...I'm re-learning the "cool spots" now that I'm back in work clothes again...
I hate myself for being a clotheshorse : (
is anyone else wondering what Ben is imbibing tonight?! Strawberry Daiquiris ?? maybe he is into that girlie drink i can't remember.. coke with cherries or something.. i think my grandparents would order if for me..
Love this one, For the Summer:
http://www.youtube.com/watch?v=Opw8I6UTpGo
SHIRLEY TEMPLE!! (laughing, yeah, my brain still has some synapse left.)
Post a Comment