AmenRa's Corner

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

Creditcane™: Can you hear me now? Can you hear me now? Eventually the ball stops bouncing.

SPX
Bearish short day with a long tail (body too small for hanging man & too big for doji). Midpoint above EMA(10). Above all SMA's. Held 1177.84 (the .0344 fibo from high). No daily 3LB changes (reversal is 1178.10). QE2infinity.



DXY
Bullish long day. Midpoint above EMA(10). Held the 76.4% retrace at 76.29. Still below 78.41 (.0557 from low). No daily 3LB changes (reversal is 76.65).



VIX
Bearish short day (but closed higher) again. Midpoint above EMA(10). Back above SMA(21). Below weekly 3LB mid and monthly 3LB mid. No daily 3LB changes (reversal is 20.71). Ejected from the "no fear" zone.



GOLD
Bearish long day. Back below SMA(21). Midpoint below EMA(10). No test of new 0% retrace. No daily 3LB changes (reversal is 1370.50).




AUDJPY
Bearish long day. Failed its 61.8% retrace. Midpoint below EMA(10). Below SMA(21) & SMA(144). No daily 3LB changes (reversal is 0.8045).



JNK
Hanging man day. Above all SMA's. Midpoint above EMA(10). Trading range is between the Gann 3x1 and 4x1. No daily 3LB changes (reversal is 40.42).



10YR YIELD
Bullish short day. The 0.0% fibo retrace at 23.59 is the line in the sand. Now above the weekly 3LB rev (26.88) and above SMA(55). Midpoint above EMA(10). New high on daily 3LB (reversal is 24.95).



DJ TRANS AVG
Bearish short day (long tail). Holding above the upper trend line and all SMA's. Midpoint above EMA(10). Daily 3LB reversal down (reversal is 4779.72).



CRB
Bearish short day (long tail). Midpoint above EMA(10). Above all SMA's. Still failing the Gann 1x1. No daily 3LB changes (reversal is 292.98).



WTI
Hanging man day (at rising wedge support). Tested and failed the SMA(233). Midpoint above 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

The QE2 Bond Report 10.27.10

More weakness in fixed income land today as a rather horrid 5y auction was met with limited enthusiasm by weary punters. Once again, HY led the pack with IG and the entire Treasury complex in the rear, and a steepener that began in the morning continued into the close after a little interruption as equities sold off in the early going. A 7y auction tomorrow.

Corpies: LQD -0.26%; AGG -0.19%; JNK -0.03%; HYG -0.11%;
Govies: TLT -0.88%; IEI -0.30%; TIP -0.62%
Hedgies: TBT 1.70%

We had a little dip into the long bond this morning at 9.55am and were out again by noon for a tiny profit as some equity punters piled in for a bit until the auction rendered the complex inedible. Can't win 'em all. We remain involved in high yield only here, and will hedge rate risk here and there until such time as Treasuries offer a decent risk/reward or spreads come in to ridiculously tight levels.