Sunday Evening Post & Morning Audibles

Good Evening Capitalists*,

The focus this weekend was on the Gold Market. I wish there were some great trading ideas there, but I could not find one. While the overall pattern looks like a bearish rising wedge with continued RSI divergence on the both the Monthly and Weekly scale, 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.

The Dollar witnessed some bottoming action last week but now needs to explode higher. First and second levels of support are 82.40 and 81.41 for this week. We would be a dip buyer this week looking to use those levels as "stop points" on new length. A close below 81.41 would take us out of all DXY length.

The S&P 500 looks a bit toppy heading into the weekend. I'm expecting a pullback this week but think that 1065 should be support on the Cash S&P 500. Any break below 1040 should send all length to the sideline. We remain 20% of a Max Short position, looking to add to shorts on a break above 1130 or a break below 1040.

*Did you know that the word capitalism has taken on such a negative connotation that some conservative Texan educators have decided to drop the word from textbooks in favor of the more palatable term "Free Enterprise?"

The board removed the word "capitalism" from the standards, mandating that the term for that economic system be called "free enterprise" throughout the standards. Board members such as Terri Leo and Ken Mercer charged that "capitalism" is a negative term used by "liberal professors in academia."
I'm not sure what the greater "issue" is there: the fact that there some Texas crazies who get to monkey around with Social Studies textbooks; or, the idea that "Capitalism" is perceived to be a "naughty" word.

Interesting times....

Football Thought: How about them Texans?

Market Update 12 Sep 10


I'm only going to add, this morning, that YES - It's a Mad Mad Mad Mad World... (and to think, back in the day, they were all actually "searching" for the BIG "W" to end their woes)...

Now we have the BIG "O" (same as it ever was)...


«Oldest   ‹Older   201 – 213 of 213   Newer›   Newest»
karen said...


US government rumored to issue $1 trillion to HY debt to buy ipads for all those making under $250k a year
less than 20 seconds ago via TweetDeck

McFearless said...

don't look now, but that 8-9 day cycle is still working, it's hard to believe, EWI pointed this out weeks ago, usually by the time they do that, it's the last time it works....but this still seems to be in place and has been for some time now.

I can tell you this much, H&S patterns seem to fail when they are most widely charted, if that holds, by my very scientific measurement of blogs today (it's about as scientific as the "they won't let the market fall before the elections" bullshit), you can kiss any profits from the inverse H&S goodbye before you can even dream about them.

I-Man said...

Arian Foster?!

Now, where'd he go to school?


AmenRa said...

SPX closed above 1121.54. That is all. I'll now leave and knock off a fifth. :-)

McFearless said...

that close couldn't be more annoying, I suppose that was the gnomes goal though.

McFearless said...

lots of wisdom to be found here, I took some out for you all and pasted it below:

Ready (take notes)

"I am a huge bull on this country. We are not going to have a double-dip recession at all"

"This country works"

"The best is yet to come"

sounds like the ole broken record to me, I'd point out that he's been saying this since early 2008 but why do that, he's been saying this his entire life!

that's all you need to know folks, in 50 or 100 years stock prices will be higher, now if you are thinking you'll be dead by then you can just go back to negative town asshole....we have no place for you here in greatmerica.

McFearless said...

the EWI bashing at Dan's is getting pretty thick, lol.

CV said...


For every Arian Foster, there's a Montario Hardesty...

McFearless said...

Dan's board brings in a lot of emotional people (aka, people that really shouldn't be involved with markets) I think this is due to so many following him over from when he was posting on the reg. on the Yahoo message boards, for those of you that don't know, Dan was all over the yahoo message boards in late 07/early 08 which is how he built up his web following and then eventually started his site, I think most of you know who is usually on the yahoo message board, his name starts with a J and ends with a knee. In any event, the insight into current sentiment is usually revealed pretty well over there by a few posters, this one in particular jumped off the page at me:

hope that link works, you can read the person that responds right below it.

sorry i can't fuel the fire on these ZH posts, I guess I'm the only one that finds them funny rather than valuable.

bob said...


That was funny, it's market callers ad libs. Chose words from financial pop culture to fill in the blanks in the monologue.

My favorite-

The soup nazi said "NO SOUP FOR YOU"! Well Uncle Ben is saying "NO 3 of 3 FOR YOU!"
Nothing short of a black swan will take the Dow below 10000 anytime soon. And things CAN go up in a straight line and nope, there aint "got" to be a pullback at all.

I-Man said...

Hardesty is a stud regardless of if his career is done or not.

I feel bad for the kid, he worked his ass off to get back from the last time this happened.

AmenRa said...

Oh yeah the SPX currently has a confirming ne whigh on the weekly 3LB (above 1121.64). BUT there are four more days to go.

CV said...

@McF (4:41)


CV finds the ZH posts HYSTERICAL...

It's better than the "Comedy Channel"...

I read that blog EVERY DAY for my daily dose of humor...

Kudos to Tyler Durden for a DAILY "open mic" night for a bunch of comedians...

«Oldest ‹Older   201 – 213 of 213   Newer› Newest»

Post a Comment


This blog should not be interpreted as investment advice of any kind. The authors are NOT representing themselves CTAs or CFAs or Investment/Trading Advisor of any kind. The authors may or may not trade in the markets discussed. The authors may hold positions opposite of what may by inferred by this blog.The information contained in this blog is taken from sources the authors believes to be reliable, but it is not guaranteed by the authors as to the accuracy or completeness thereof and is presented here for information purposes only. Commodity trading involves risk and is not for everyone.