AmenRa's Corner

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

Creditcane™: Guess I'm more of a morning person.

SPX
Doji day (need I say another hanging man failure?). Midpoint above EMA(10). Now below SMA(21). No daily 3LB changes (reversal is 1225.85). Still below weekly 3LB midpoint. The monthly 3LB reversal is on IR (almost came off IR but doctors said not yet). QE2infinity.



DXY
Spinning top day. Midpoint above EMA(10). Tested but failed the 23.6% retrace at 78.72 and back above SMA(55). No daily 3LB changes (reversal is 76.48).



VIX
Bearish short day. Midpoint below EMA(10). Tested and failed SMA(21). Below weekly 3LB mid and monthly 3LB mid. No daily 3LB changes (reversal is 22.58). Still in the "no fear" zone.



GOLD
Bullish long day. Back above SMA(21). Midpoint below EMA(10). New 0% retrace has been holding. No daily 3LB (reversal is 1403.20).



EURJPY
Spinning top day again. Still above SMA(21) & SMA(144). Midpoint above EMA(10). Tested and failed its 38.2% retrace at 1.1447. No daily 3LB changes (reversal is 1.1170).



JNK
Bearish long day (confirmed hanging man). Still above SMA(55). Midpoint below EMA(10). Still failing the Gann 4x1. No daily 3LB changes (reversal is 40.80). Closed below its weekly 3LB reversal price.



10YR YIELD
Bearish short day (again). Gap not closed. The 0.0% fibo retrace at 23.59 is holding. Still above SMA(89). Midpoint above EMA(10). No daily 3LB changes (reversal is 24.84).



DJ TRANS AVG
Spinning top day. Still above SMA(21). Midpoint above EMA(10). No daily 3LB changes (reversal is 4924.46).




CRB
Hammer day (formed at the weekly 3LB reversal). Midpoint below EMA(10). Still below SMA(21). Still failing the Gann 1x1. No daily 3LB changes (reversal is 315.25).



XLF
Bearish short day. Midpoint below EMA(10). Closed below the SMA(21) and the SMA(55). No daily 3LB changes (reversal is 14.23).



XRT
Bullish short day. Midpoint above EMA(10). Still above all SMA's. New high on daily 3LB changes (reversal is 45.30). Trending up on the weekly and monthly 3LB.

LEFTBACK'S BOND REPORT

The Bond Report 11.22.10

Today was a risk-off day, as investors sold HY and bought IG, munis and USTs. Spreads were wider across the board, not sharply, but smoothly and gradually, like a very elegant lady uncrossing her legs for a handsome admirer.

Corpies: LQD 0.55%; AGG 0.24%; JNK -0.54%; HYG -0.70%;
Govies: TLT 0.42%; IEI 0.44%; TIP 0.35%
Hedgies: TBT -1.05%

We added to our HY bonds (HYG) and hedged interest rate risk by getting short the long end (TBT). Today was a POMO in the 7-10y range and that trade will begin to unwind at some point this week.

We are long equities - but note that the usual pattern of late has been that stocks are up on Black Friday and the enthusiasm of JOHNNY day trader is met by a sell-off on Monday.