A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection.
Creditcane™: Munis, IBM and AAPL will not defeat me. I will fight on. "My head is bloody but unbowed."
SPXSpinning top day (start of evening star?). Midpoint above EMA(10). Still above all SMA's. New high on daily 3LB (reversal is 1276.56). QE2infinity.
DXYBearish short day. Midpoint below EMA(10). Held the 23.6% retrace (78.72). Still below SMA(144), SMA(21) & SMA(55). Daily 3LB reversal down (reversal is 81.01).
VIXHoming pigeon day (needs confirmation). Midpoint below EMA(10). Below all SMA's. No daily 3LB changes (reversal is 17.75). Stuck in the "no fear" zone. Still has a monthly 3LB reversal.
GOLDSpinning top day. Still below SMA(55) & held SMA(89). Midpoint below EMA(10). 0.0% retrace holding. Still below the 23.6% retrace (1368.14). No daily 3LB changes (reversal is 1387.00). Must have the precious.
EURUSDHigh wave doji day. Midpoint above EMA(10). Held its 38.2% retrace at 1.3121. Still above SMA(21) & SMA(144). No daily 3LB changes (reversal is 1.3395). Above the weekly 3LB reversal price (1.3364).
JNKBearish short day. Midpoint above EMA(10). Failed to hold SMA(55). Still can't close gap post dividends. No daily 3LB changes (reversal is 40.47).
10YR YIELDBullish long day. The 23.6% retrace at 32.75 was tested and held. Back above SMA(21). Midpoint below EMA(10). No daily 3LB changes (reversal is 32.36). Back above upper trendline.
DJ TRANS AVGSpinning top day. Above all SMA's. Midpoint above EMA(10). New high on daily 3LB (reversal is 5178.45).
CRBDoji day. Midpoint above EMA(10). Above all SMA's. No test of new 0.0% retrace. No daily 3LB changes (reversal is 323.94).
XLFBearish harami day (needs confirmation). Midpoint above EMA(10). Still above all SMA's. No test of new 0.0% retrace. No daily 3LB changes (reversal is 16.30).
IQIBullish piercing day (needs confirmation). Midpoint below EMA(10). Still below all SMA's. Held new 0.0% retrace (11.15). No daily 3LB changes (reversal is 12.30).
MUBBullish engulfing day (needs confirmation). Midpoint below EMA(10). Below all SMA's. Back above 14.6% retrace (97.24). No daily 3LB changes (reversal is 99.96).
LEFTBACK'S BOND REPORT
The Bond Report 1.18.11
What began as a rout in the long end moderated by the close. The long bond was off by 2-3 bps in the end. The big news was a rally, perhaps aided by a squeeze in munis. Nice, nice trading, Colin.
Corpies: LQD -0.06%; AGG -0.07%; JNK 0.05%; HYG -0.01%
Govies: TLT -0.46%; IEI -0.16%; TIP 0.02%
Munis: IQI 2.07%; MUB 1.15%
Mortgages: MBB 0.08%
Hedgies: TBT 0.93%
We did nothing in the end. We are now looking ahead tactically to Thursday's claims number. We would fade any strong selling in Ts after that number. It will be interesting to see the next move in munis from here.
16 comments:
Captain Bernanke, I dinnae know if we can mak' it. The engines cannae tak' much moor o' this...
http://globaleconomicanalysis.blogspot.com/2011/01/treasury-spreads-yield-curve-steepest.html
One of the most inviting spreads we have seen in a very long time.
TIPS spread also at new wides as we reach PEAK FLATION.
Let us not forget, children, that we are in the Galaxy of ZIRP, and no-one, not even CRAMER, or the KRUGMONSTER or even THE WIZARD has ever escaped from ZIRP. The conventional wisdom suggests that the OBAMANAUTS will attain escape velocity and we will all live happily ever after in Bananamerica, but the Japanese tried to blast out of here and their liquidity pump never breached the EVENT HORIZON, as their economy fell back within the BLACK HOLE of DEFLATION and all the liquidity was wasted and absorbed by cousins of the ZOMBIE BANKS and the VAMPIRE SQUID.
Whoa. Almost 300 comments without a Blogger-in-Chief? Out with a client this eve. Looking forward to going through it all.
H.L. Mencken said, "The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary."
In this case, we believe that Tiny Tim and Helicopter Ben are conjuring up an imaginary inflationary hobgoblin, while The Bernank maintains at the same time that it doesn't exist.... an interesting form of double bluff. Nothing much really supports the equity and commodity markets here other than liquidity and fear of the inflationary hobgoblin.
The bugs are frothing at the mouth (which is cute, some of my best friends are bugs) at the prospect of Peak Gold, Peak Lanthanum and Peak Oil. Even were the latter to come to pass, a hyper-inflationary episode would not occur, as it cannot without wage inflation. We would simply see a repeat of the consequences of the 2008 oil shock. Demand destruction would lead to a rapid unwind of the commodity and stock bubble so painstakingly erected by the Bernank and Mr Brian Sack.
Right now, we have 2% inflation in the US, perhaps, and we have 4-5% in the pipeline from commodity prices, and largely because of a) and b) we have what is stated as a 3-4% GDP growth. For the inflationists, this is pretty much going to be as good as it gets, because the lack of aggregate demand and earnings growth will prevent pass-through of commodity prices to finished goods, and any spike in oil prices will kill the recovery stone dead.
Get used to a very unexciting decade, with waves of reflationary fervor tempered by waves of disappointing deleveraging.
Are we turning Japanese? I really think so...
Sovereign debt issues in Asia. The most urgent problem appears to be that of Vietnam and the rapidly softening Dong.
http://www.financialpost.com/Three+Sovereign+default+risks+lurking+Asia/4121474/story.html
3:49PM EST: 1.74 +0.19 (12.26%)
http://finance.yahoo.com/q?s=BOE.V&ql=1
this little co. is a good one, could see 2.50 pretty easily..
wouldn't be surprised if it saw ~4
AAIP
speaking of Mish..
good art. here..
ECB Allows Irish Central Bank to Counterfeit 51 Billion Euros
Ireland central bank counterfeited 51 billion Euros out of thin air. The amount is not backed by government bonds. Nor was it a loan from the ECB or anyone else. The money is counterfeit in every sense of the word.
Please consider the facts as depicted in Central Bank steps up its cash support to Irish banks financed by institution printing own money.
The Irish Independent learnt last night that the Central Bank of Ireland is financing €51bn of an emergency loan programme by printing its own money.
The figures also provide the latest evidence that responsibility for funding Ireland's broken banks is being pushed increasingly back on to Irish taxpayers. The loans are recorded by the Irish Central Bank under the heading "other assets".
A spokesman for the ECB said the Irish Central Bank is itself creating the money it is lending to banks, not borrowing cash from the ECB to fund the payments. The ECB spokesman said the Irish Central Bank can create its own funds if it deems it appropriate, as long as the ECB is notified.
Other Assets? What Other Assets?
...............
ibid.
Can they please stop talking about AAPL? Still though if you want to figure out the next product go watch Star Trek.
Damn. EURUSD, AUDJPY, EURJPY, Silver, Oil up. Selling of USTs and DXY down. The opex setup is underway.
Haven't been around for a few days. If anyone said anything bad about me and I wasn't here to defend myself, let me just clear the air and say it's all true.
>> Captain Bernanke,
~~Captain Bernank will get you by tonight
And take you to east Long Island.
Well now Captain Bernank will get high tonight
Just a little cost-push and you'll be smiling.~~
Oh my 50 Cent's SF Farmington Estate for sale: http://www.youtube.com/watch?v=oJa30VSM6uc&feature=player_embedded
I think he bought it from Mike Tyson. Insane.
OK.
So, went through all 280 comments...
All I have to say is this...this is a funny crowd of people....
This comment made me spit up, though:
"Anonymous said...
What do you call a cricket field full of Australians ?
A vacant lot.
Why do Australians call their favourite drink Castlemaine XXXX?
Because they can't spell piss.
Why can't Australian blokes take their girlfriends to the cricket?
They eat all the grass."
O man.....
AH for AAPL down $2 from the close. Guess that earnings beat wasn't up to snuff.
@AT, you had to be laughing about Ben's vodka bong, right?
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