AmenRa's Corner

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

Creditcane™: I wasn't there. Were you? Was anyone there?

SPX
Bullish short day. Stop negating reversal patterns dammit :-) Midpoint above EMA(10). Above all SMA's. Held 1177.84 (the .0344 fibo from high). No daily 3LB changes (reversal is 1165.32). QE2infinity (aka the beginning of the end).



DXY
Spinning top day (confirmed bullish harami). Midpoint above EMA(10). Tested its 76.4% retrace at 76.29 and failed. Still below 78.41 (.0557 from low). No daily 3LB changes (reversal is 76.65).



VIX
Bearish short day. Failed morning star. Midpoint below EMA(10). Below weekly 3LB mid and monthly 3LB mid. New low on daily 3LB (reversal is 20.71). Still in the "no fear" zone.



GOLD
Hammer day (reversal coming?). Now below SMA(21). Midpoint below EMA(10). No test of new 0% retrace. No daily 3LB (reversal is 1377.60).



EURUSD
Doji day. Midpoint above EMA(10). Held its 61.8% retrace at 1.3899. Above all SMA's. No daily 3LB changes (reversal is 1.4049).



JNK
Bullish short day. Hanging man freed. Above all SMA's. Midpoint above EMA(10). Held the 100% retrace (new one next week). New high on daily 3LB (reversal is 40.23).



10YR YIELD
Spinning top day. May have confirmed a rising three method a day late. The 0.0% fibo retrace at 23.59 is the line in the sand. Back above the weekly 3LB mid (25.35) and SMA(21). Midpoint above EMA(10). No daily 3LB changes (reversal is 23.81).



DJ TRANS AVG
Bullish short day (confirming bearish thrusting). Holding above the upper trend line and all SMA's. Midpoint above EMA(10). New high on daily 3LB (reversal is 4630.74).



CRB
Bullish short day. Failed to confirm dark cloud cover. But it didn't close above yesterdays midpoint so it's still weak. Midpoint above EMA(10). Above all SMA's. Still failing the Gann 1x1. No daily 3LB changes (reversal is 299.93).



WTI
Bullish long day. Tested and passed the SMA(233). Midpoint below EMA(10). Held the 50% retrace at 81.07. No daily 3LB changes (reversal is 84.00). Rising wedge apex just ahead.

LEFTBACK'S BOND REPORT

By Appointment to Her Majesty The QE2 Bond Report 10.22.10

Submitted by LEFTBACK, L.B.E.*
(* Lothario of the British Empire)

The recent steepener was reversed today as B/Ds looked forward to the Tuesday POMO in the long end and front-running the Fed was once again the name of the game. Risk in credit was also strong today as HY > IG quite comfortably.

Corpies: LQD 0.13%; AGG 0.05%; JNK 0.37%; HYG 0.46%;
Govies: TLT 0.68%; IEI -0.06%; TIP 0.03%
Hedgies: TBT -1.01%

We did nothing, still waiting to get short to hedge rate risk to our HY.

IT'S A BIRD! NO, IT'S A PLANE! NO, IT'S BB'S HELICOPTER!