A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection.
Creditcane™: Cold air (truth) and hot air (politicians/MSM) have met. They have increased my power exponentially.
SPXBearish long day (reaction to tweezer top?). Midpoint above EMA(10). Still above all SMA's. No daily 3LB changes (reversal is 1232.92). Closed below daily 3LB mid. QE2infinity.
DXYBullish short day (confirmed bullish harami). Midpoint below EMA(10). Below the 38.2% retrace at 80.63. Back above SMA(89) & SMA(21). No daily 3LB changes (reversal is 81.19).
VIXSpinning top day (again). Midpoint below EMA(10). Still below all SMA's. No daily 3LB changes (reversal is 18.01). Relocated to the "no fear" zone (for now).
GOLDBearish long day. Still above SMA(21). Midpoint below EMA(10). 0.0% retrace holding. Closed below 14.6% retrace (1392.69). No daily 3LB changes (reversal is 1338.80). My precious.
AUDJPYDoji day. Midpoint above EMA(10). Still above SMA(21), SMA(144) and SMA(55). No daily 3LB changes (reversal is 0.8007). Note: keeps reversing once it gets above 0.8300.
JNKBearish long day (failed to confirm bullish harami). Midpoint below EMA(10). Failing the Gann 4x1. Failed to hold SMA(89). No daily 3LB changes (reversal is 40.30).
10YR YIELDBullish long day. The 0.0% fibo retrace at 23.34 has held. Above all SMA's. Above its 61.8% retrace (33.72). Midpoint above EMA(10). New high on daily 3LB (reversal is 32.36). It's not stopping yet BB.
CRBSpinning top day. Midpoint above EMA(10). Above all SMA's. Tested and failed the 0.0% retrace (again). Above the Gann 2x1. No daily 3LB changes (reversal is 296.22).
XLFBearish long day. Midpoint above EMA(10). Still above all SMA's. Closed below its 14.6% retrace (15.64). Tested and held its 23.6% retrace (15.51). No daily 3LB changes (reversal is 15.23).
IQIBullish long day. Midpoint below EMA(10). Below all SMA's. Held its 0.0% retrace (11.45). No daily 3LB changes (reversal is 11.70). Found a bottom? Hmmmmm NO.
TLTBearish long day. Midpoint below EMA(10). Below all SMA's. Tested and held its 85.4% retrace (90.52). New low on daily 3LB (reversal is 93.26).
7 comments:
The Bond Report 12.15.10
Today saw a continuation of THIS EPIC STEEPENER. This is actually NOT A BREAKDOWN but simply part of BB's fiendish plan to recapitalize the banks. At some point Timmeh will give the hand signal to Lloyd to stop shorting the piss out of govies and the banks will then commence buying Ts with free money.
Today might look like risk off with JNK and HYG down, but actually spreads were mostly tighter not wider, and IG was off more than HY. So it's all good at the High Yield Corral. The TIPS spread has also widened since the PPI and CPI freshened inflation expectations a tad, as TIP has fared much better than TLT. That's another trade we told you about.
The COMPRESSOR (HYG:short TLT) and the REFLATOR (TIP:Short TLT). We are 2/2.
Corpies: LQD -0.62%; AGG -0.17%; JNK -0.50%; HYG -0.39%
Govies: TLT -1.30%; IEI -0.19%; TIP 0.31%
Hedgies: TBT 2.58%
We bought a smidgen of LQD today. We have about 2.5% LQD, 22% HYG and 16% TIP. The TLT knife continues to fall. We aren't catching it yet. At some point we will make a transition from TIP to TLT or AGG, but not yet. WE DIDN'T GET WHERE WE ARE TODAY BY LOSING MONEY.
Evening all...
BTW terrific charts, Ra, we love your work here at Schadenfreude Asset Management™.
"Schadenfreude - Where John E's Pain is Our Gain"™
DSI shows bond bulls down to 13% now
you all know where stock sentiment is
I think it's time for this:
http://www.youtube.com/watch?v=XF2ayWcJfxo
YGBFKM...
telegraph.co.uk: Forget Savings Accounts
Investors told forget savings accounts, think of shares
Britain's 38 million savers have been urged to invest their money in the stock market after being warned that for many of them it is now a "waste of time" putting their cash into a savings account.
By Harry Wallop, Consumer Affairs Editor, and Garry White 10:00PM GMT 14 Dec 2010
The warning came after official figures indicated that the cost of living had increased once again in November, making it nearly impossible to earn a real rate of return on any bank or building society savings product.
As the London stock market closed at a two-and-a-half-year high, experts said that for many savers taking the risk of abandoning a deposit account and placing it in a high-yielding collection of shares was a more sensible option.
The dearth of decent savings products was laid bare by figures from the personal finance website Moneyfacts which showed that there were just three accounts – out of a total of 2,203 on the market – that paid a real rate of return, and only one for higher-rate taxpayers.
Darius McDermott, the managing director of Chelsea Financial Services, an independent financial adviser, said: "The simple fact is if you have £1 and you invest in cash, you will lose out once you take into account tax and inflation. Most savings accounts are just a waste of time.
"But if you put that £1 into to a good high-yielding fund you will make a return. Of course your capital could increase or it could fall. That's the risk, but I would put my £1 into equities every single time."
ft.com: German MPs clash on future of eurozone
German MPs clash on future of eurozone
By Quentin Peel in Berlin
Published: December 15 2010 16:23 | Last updated: December 15 2010 20:28
Angela Merkel, the German chancellor, was fiercely criticised in the German parliament on Thursday on the eve of a critical European Union summit in Brussels, as opposition leaders accused her of being indecisive and un-European in the face of the eurozone debt crisis.
After months of cautious sniping, the centre-left Social Democratic party and the environmentalist Greens on Wednesday attacked the German chancellor head-on for damaging the country’s reputation with its EU partners.
The clash came as Moody’s warned it may downgrade Spanish government bonds because of the country’s likely difficulty in raising some €300bn next year, the problems of its savings banks and the debts of its autonomous regions.
German unwillingness to bolster the size of the €440bn eurozone stabilisation fund, or contemplate the issue of jointly-guaranteed eurozone bonds, was in danger of turning the European Central Bank into a “bad bank”, said Frank-Walter Steinmeier, parliamentary leader of the Social Democratic party, and former vice-chancellor.
"...was in danger of turning the European Central Bank into a “bad bank”..."
right, like it was, ever, a 'good bank'...
~~
"Social Democratic party", "environmentalist Greens", "Progressives", all, at the min.,= "Globalists"
AAIP
http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=aJlJSKhHztlI
‘Avalanche’ of Sales Drives Rates to 16-Month High: Muni Credit
By Brendan A. McGrail
Dec. 15 (Bloomberg) -- Yields on top-rated tax-exempt securities due in 30 years climbed twice as fast as those on U.S. Treasuries, reaching the highest level in almost 16 months.
The prospect that tax-free municipal issuance will surge if the Build America Bonds program isn’t renewed after Dec. 31 drove 30-year tax-exempt rates up 20 basis points, or 0.2 percentage point, to 4.84 percent, the highest since Aug. 17, 2009, according to a Bloomberg Valuation index.
Bondholders sought buyers for $1.4 billion in debt yesterday, the most since June 15, 2006, according to a Bloomberg bids-wanted index.
“Nobody’s bidding,” Tony Shields, a principal in the public-finance department at Williams Capital Group LP in New York, said in an e-mail. There’s “an avalanche of bid-wanteds, and there is just not enough liquidity to accommodate this much sell-side pressure.”
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